Tricks for paying credit cards

Posted by Caroline L. Valenzuela on August 10th, 2018

If you've hung credit card debt over your head, buckle and develop a payment strategy that will allow you to pay credit cards quickly. Use a couple of different tricks to motivate yourself to follow through and get rid of your debt as quickly as possible.

Stop using credit

Cut yourself off from using credit cards to pay them off much more quickly. Even if you are making large monthly payments each month, they will have no effect if you charge a lot for your credit card. Instead of cutting credit cards, making them available for use in a real emergency, put each card in a bowl of water and place them in the freezer. Due to the extra effort of reaching the cards, you will have time to consider if the situation is a real emergency requiring the use of a credit card.

Increase monthly payments

As you start paying your credit card balances, your monthly payments will go down because they are calculated as a percentage of your balance. However, rather than paying less on your credit cards, challenge yourself to make a larger credit card payment every month. When you make payments every month, add up all the payments and set your goal for the next month a little higher. Put the extra payment each month towards the credit card with the highest interest rate to pay the balance first.

Pennies pinch

Be frugal with your purchases and use the extra cash to make additional payments on your credit card. This trick works best if you use a budgeting cash system. For example, say that the $ 60 budget for groceries and $ 40 for the business lunches each week. Pay yourself in cash at the beginning of the week. Use the money carefully during the week, trying to spend the bare minimum. At the end of the week, he put the money left in a jar marked "extra payments." When it comes time to pay the credit card bill, count the money in the jar and use it for an extra payment on the card with the highest interest rate.

Reward yourself

If you have many credit cards to pay, set up a reward system for yourself so you get something special every time you pay off a credit card. For example, you might decide to stop buying clothes while you are paying credit cards, only that you get to spend on clothes every time you have finished paying a credit card balance. These small rewards will help you indulge, even on a limited budget, while you are trying to pay for the cards quickly.

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