Common Question: How Can I Get Rid Of My Credit Card Debt?

Information verified correct on September 27th, 2016
cutting credit card using scissors

How can I get rid of my credit card debt? If you are one of the many people that are asking themselves this question then you should read this article to find out how you can get out of credit card debt.

One of the most common questions asked is “how can I get rid of my credit card debt?” Even Australians get unnerved when confronting their credit card debt, no matter how resilient they may be. Luckily, there is a way to handle this debt and there are 8 steps you can follow to get it done.

How can I get rid of my credit card debt?

1. Examine your debts.

Make a list of all the debts you owe on your credit cards on a piece of paper in a graph format. Be sure to include interest, minimum monthly payments, the debt amount and any other charges. Make a total at the bottom of every column so that you can see your debt situation exactly as it stands. You can then look at your past statements and see what kinds of purchases you used your credit card for so that you can modify your spending habits.

2. Make a budget.

It is important to make a budget if you are wondering “How can I get rid of my credit card debt?” This is indeed, the only way out. You’re going to have to limit your spending to necessities, so that you have enough left over to work out a payment strategy that is workable. You should also consider getting more cash in by getting a second job, collecting any money owed to you and selling any unwanted items.

3. Destroy your cards.

If you completely destroy your credit cards the temptation to make any more purchases will be gone. You can then focus all of your energy on repaying your debt, and not add to it.

4. Use money from your investments.

If you have any money invested you should take these funds and apply them to your cards. Once your situation improves you can start reinvesting once again.

5. Make a payment strategy

Always pay as much money as you possibly can every month, and make sure that you are always paying the minimum payment required. If you don’t see your debts reducing very quickly you may feel like it has been all in vain. You may want to try making weekly payments instead of monthly ones in order to cut down the amount of interest that is accruing.

6. Stay in communication with your creditors

Let your creditors know how you intend to pay off your debt as fast as you can. You can show them your budget and an action plan to prove you are committed.

7. Consolidate your debts

If you have multiple debts on different credit cards and are wondering “How can I get rid of my credit card debt?” you can consolidate them into one loan or credit card account to keep your debt management simplified. If this is not possible then make sure that you keep track of all the balance due dates so that you don’t have to pay any late fees.

8. Get credit counseling

You may want to seek assistance or counseling from a qualified financial planner if your debt has gotten out of control. He will be able to give you support and advice, which would be appreciated during this troubled time.

How can I get rid of my credit card debt? This question has been asked many times by many people. Use this outline to help get your finances back in control.

9 to 24 month Balance Transfer Credit Cards Offers

Rates last updated September 27th, 2016.

HSBC Platinum Credit Card

$0 annual fee + 0% for 15 months on balance transfers offer extended until 31 December 2016

September 1st, 2016

American Express Platinum Edge Credit Card

Standard 10,000 bonus points offer has replaced the 30,000 bonus points exclusive offer.

September 1st, 2016

Virgin No Annual Fee Credit Card

Balance transfer offer has been extended to 31 October 2016.

September 26th, 2016

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Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
Westpac Low Rate Card
A no frills credit card with an introductory rate of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.49% p.a.) $59 p.a. Go to site More info
St.George Vertigo Visa
Introductory offer of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases, plus a low annual fee.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
Westpac 55 Day credit card
Enjoy a balance transfer offer of 0% p.a. for 16 months, an introductory purchase rate of 1% p.a. for up to 12 months, plus a waived annual fee for the first year if applied by 11 October 2016.
0% p.a. for 16 months 1% p.a. for 12 months (reverts to 19.84% p.a.) $0 p.a. annual fee for the first year ($30 p.a. thereafter) Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
0% p.a. for 15 months 19.99% p.a. $149 p.a. Go to site More info
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Offers 0% p.a. interest rate on balance transfers for 18 months to help you manage your existing credit card balance. Earn bonus Velocity Points in the first 3 months, offer ends 31 October 2016.
0% p.a. for 18 months 20.74% p.a. $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
St.George Vertigo Platinum
A platinum card with a balance transfer offer of 0% p.a. for 20 months and an introductory purchase offer of 1% p.a. for 12 months with an annual fee waiver for the first year.
0% p.a. for 20 months 1% p.a. for 12 months (reverts to 12.74% p.a.) $99 p.a. Go to site More info
Virgin No Annual Fee Credit Card
No annual fee credit card with $100 cashback and a long term balance transfer offer of 0% p.a. for 18 months with 2% balance transfer fee.
0% p.a. for 18 months with 2% balance transfer fee 18.99% p.a. $0 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months with a one off 2% balance transfer fee 0% p.a. for 15 months (reverts to 13.99% p.a.) $59 p.a. Go to site More info
ANZ First Visa Credit Card - Exclusive Offer
Take advantage of this exclusive offer and enjoy 0% p.a. for the first 12 months on balance transfers and 0% p.a. for the first 3 months on purchases.
0% p.a. for 12 months 0% p.a. for 3 months (reverts to 19.74% p.a.) $30 p.a. Go to site More info
NAB Low Fee Card
Enjoy a low introductory rate of 0% p.a. on balance transfers and purchases for 15 months.
0% p.a. for 15 months with a one off 2% balance transfer fee 0% p.a. for 15 months (reverts to 19.74% p.a.) $30 p.a. Go to site More info
Westpac 55 Day Platinum Credit Card
Get a balance transfer offer of 0% p.a. for 16 months, platinum card benefits including complimentary insurances and 24/7 concierge with $0 annual fee for the first year.
0% p.a. for 16 months 1% p.a. for 12 months (reverts to 19.84% p.a.) $0 p.a. annual fee for the first year ($90 p.a. thereafter) Go to site More info
Bank of Melbourne Vertigo Visa Credit Card
A low rate card from Bank of Melbourne with a long term balance transfer offer 0% for 18 months and a short term introductory rate on purchases.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
Citi Rewards Credit Card - Platinum Card
Take advantage of the introductory long term balance transfer offer and reduced annual fee in the first year.
0% p.a. for 24 months with 1.5% balance transfer fee 20.99% p.a. $199 p.a. annual fee for the first year ($249 p.a. thereafter) Go to site More info
American Express Essential Credit Card
Receive a $50 credit on eligible spend and get Smartphone screen insurance combined with a no annual fee for life card. Also enjoy a 0% p.a. balance transfer rate for 12 months.
0% p.a. for 12 months with 1% balance transfer fee 14.99% p.a. $0 p.a. Go to site More info
American Express Platinum Edge Credit Card
Receive 10,000 Membership Rewards Bonus Points when you meet the minimum spend requirement. Enjoy 0% p.a. for 12 months on balance transfers and receive a complimentary Virgin Australia domestic economy return flight every year.
0% p.a. for 12 months with 1% balance transfer fee 20.74% p.a. $195 p.a. Go to site More info
BankSA Vertigo Visa
A low interest rate card with a low annual fee, a long term balance transfer offer and an introductory offer of 1% p.a. for 12 months on purchases.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
American Express Explorer Credit Card
Receive 100,000 Membership Rewards Bonus Points on eligible spend within the first 2 months of Card Membership. Also enjoy a $400 travel voucher and two complimentary airline passes per year.
0% p.a. for 12 months with 1% balance transfer fee 20.74% p.a. $395 p.a. Go to site More info
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Credit Cards Comparison

Rates last updated September 27th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
St.George Vertigo Visa
Introductory offer of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases, plus a low annual fee.
1% p.a. for 12 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards CreditCardFinder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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