Pay Off Credit Card Debt Using 10 Quick Tips

Try these 10 tips to eliminate your credit card debt sooner

Credit card debt can be a real worry for many people, and clearing your credit card balances isn’t always easy. If you want to know how to pay off credit card debt, then use our 10 quick tips and starting reducing your balance today.

1. Consolidate your debt – Use a free balance transfer card to consolidate your credit card debt in one place. This will not only make your payments simpler, but also save you money on interest charges.
2. Pay more than the minimum payments – Only making the minimum payment will never significantly reduce your credit card debt, so always pay more every month than you have to and you’ll see your balance fall much more quickly.
3. Use any savings and investments you have – Using any money you have saved to pay off credit card debt is a worthwhile option. In most cases the interest earned on your savings is dwarfed by the interest you pay on your credit card debt, so using your savings to pay your card off will save you money.
4. Budget – If you can’t afford to make more than the minimum payment every month you may need to reconsider your budget. By cutting back in other areas of expenditure, you can save enough money to increase your monthly credit card payments and start clearing your debt.
5. Negotiate with your provider – If you’re having real difficulties and experiencing temporary hardship in repaying your outstanding balance, then contact your provider to renegotiate your payment plan and try to avoid any penalty charges. They’ll want to keep you as a customer and avoid you going elsewhere for a free balance transfer, so if your interest rate is too high just tell them, they might be able to give you a temporary break. It never hurts to ask.
6. Stop using credit cards! – If you want to pay off credit card debt then obviously you should stop spending on credit cards. Control your spending habits before your debt gets out of control.
7. Make a plan and stick to it – Prioritise high interest debt and pay them off first. Make a realistic repayment plan and stick to it.
8. Start an emergency fund – If you have a collection of credit cards for ‘emergencies’ get rid of them. Keep a savings account ready for any unexpected circumstances and stop relying on credit.
9. Borrow from friends or family – Although this tip may not be for everyone, borrowing from friends or family can be a fast and easy way to clear credit card debt. It also means you won’t be paying interest on your debt. Make sure you put everything in writing and be sure to repay people in a timely fashion. Don’t take advantage of your loved ones.
10. Cancel your credit cards – If you find the temptation of using a credit card too much, cancel your cards. If really necessary keep one or two cards, but don’t let the temptation to spend get to you.

Featured Balance Transfer Offer

The St. George Vertigo is the ideal choice for Australian’s who love shopping with a low rate on purchases and balance transfers. With a 5 star credit award from Cannex Australia.

• $55 annual fee
• 13.24% p.a. on purchases
• 0.99% p.a. for 12 months on balance transfers
• Cash Advance Rate of 21.49% p.a.
• 55 days interest free
• Minimum Income Requirement of $15,000 p.a.
• Linked to your other St.George accounts, for easy one card banking

Read the St George Vertigo terms and conditions.

Check out today's featured offers:

Westpac Low Rate	Citibank Clear Platinum	Qantas AMEX Discovery	ANZ Platinum
0% p.a. for 6 months on purchases & balance transfers	2.9% p.a. for 12 months on balance transfers	$0 annual fee Up to 10,000 Bonus QFF Points	0% p.a. for 6 months on purchases & balance transfers

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Popular Credit Card Offers

			Interest Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Cash Advance Rate (p.a.)
	Westpac Low Rate Card - 0% Offer	A credit card with a low rate offer on both balance transfers and purchases, plus a low annual fee.	0% for 6 months (reverts to 13.49% )	0% for 6 months	$45	21.49%
	Citibank Clear Platinum Card	Competitive interest rate on purchases and balance transfers offer.	11.99%	2.9% for 12 months	$99	21.74%
	St George Vertigo	Take advantage of this great offer from St.George with a low rate on purchases and a low balance transfer offer.	13.24%	0.99% for 12 months	$55	21.49%
	ANZ Platinum Credit Card	An introductory interest rate offer on balance transfers and purchases, plus a $0 first year annual fee.	0% for 6 months (reverts to 19.24% )	0% for 6 months	$0 annual fee for the first year( $87 thereafter)	20.99%