Pay Off Credit Card Debt Using 10 Quick Tips

Information verified correct on October 28th, 2016

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 ten quick tips and starting reducing your balance today.

Top 5 tips*

1. Consolidate your debt

Use a 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. Consolidating multiple credit cards into one with a balance transfer offer can be a solution to pay down your debts. Compare your options with the table below. Once you’ve compared your options, there are 5 extra tips.

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.

Credit card debt can be tricky to pay down, especially if you don’t have a plan in place. The above tips should be able to help you take control and curb your spending once and for all.Back to top

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Credit Cards Comparison

Rates last updated October 28th, 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
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
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 (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards 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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