Simple Ways To Pay Off Your Credit Card

Paying off your credit card Is not a walk in the park. It certainly isn’t as easy as getting into debt. However, whether we like it or not, paying off credit card debt is something we have to face head-on.

Being able to pay off your credit card requires taking a hard look at your finances and budgeting habits. Sometimes, it may even call for some serious lifestyle changes. Everybody loves a good shopping spree, but perhaps that should wait until after our credit card debt is appropriately addressed.


Paying off your debt does not have to be the nightmare it seems to be. With dedication, a plan in place, and discipline, you can have a debt-free life. Continue reading to learn simple way you can pay off your credit card.

How Much Can You Afford To Pay?

The first step is to realize how much you can afford to pay every month for your credit card. First, look at your monthly budget. If you don’t have one, create one and figure out how much you are committing to credit card debt.


After deducting all your expenses, go ahead and subtract your expenses from your income. What you get after paying all the expenses is your net income. This is what you can pay for your credit card debt. However, you can also find more ways of generating money to clear your debt. It can be as simple as getting a side job, working more hours, and so on.

After sorting the issue of how much you can pay back, the next step is to figure out the order you should follow. Let’s get into the details.

Pay The Highest Interest Rate First

A high-interest rate card, in most cases, usually has the highest balance, and clearing this first will save lots of money in the long run. By not paying this early, you will end up paying more interest overall. Paying off your lowest balance first will keep you motivated and on the right track.


Lowest Balance

On another note, there are benefits of paying off the credit card with the lowest balance first. This is because the first balances are easier to pay off and will give you a sense of accomplishment as motivation to pay for the rest.

Granted, it is challenging to choose between the two, and to make it easier, first consider your long term goals. What is it you want to accomplish? If your goal is to save, then paying your high-interest rate first is a smart move to make. On the other hand, if your goal is to clear some accounts, then you should pay your low balance debt first.

Note down the order in which you are going to pay your debt. It can be either from the lowest balance to highest balance or from highest interest rate to lowest interest rate. Highlight every area and allocate the money that will pay that area accordingly. This will help you get organized in your payments.

After clearing the first credit card, cross it off the list and go to the next one. Just like you did with the first one, allocate as much money as you can get on that credit card. Do the same with the third card, fourth, etc. until you finish them all.

Pay off your credit card debt

Bottom Line

If you think you will forget, set reminders to help you not miss any payments. In addition, a repayment online calculator can help you come up with a plan to quickly clear your credit card debt. Once you set up a good payment schedule and stick to it, your debts will be paid off in no time!