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3 Practical Strategies for Paying Down Credit Card Debt


Everyone knows that the best way to pay down credit card debt is to increase your income and reduce your spending, but if you had a feasible way to do either of those things, you would have already done them.  As it stands, you spend all of your waking hours on income-generating activities.  Whenever you are not at the job that issues your W2 at the end of the year, you are working on freelance gigs; you even work on your freelance gigs in the rare event that you have downtime at work.  You can only afford to make the minimum payment on your credit cards each month, not because you are undisciplined about spending, but simply because life is so expensive.  The only way to get your credit card balance down to zero by next month is to get an unexpected influx of cash, but there are minor changes you can make to free up a few extra dollars each month to pay down your credit card balances by more than just the minimum payment.  If you truly have no means to pay off your credit card balances, contact a Plantation debt lawyer.

Get a Debt Repayment Accountability Buddy

Any unpleasant task becomes less unpleasant when you have a friend who is facing a similar unpleasant task alongside you.  Of course, you should talk to the close family members with whom you share your finances, such as your spouse or parents, about paying down debts, but doing so usually doesn’t give you a motivational boost, because things can quickly devolve into family members blaming each other about being too controlling about money or not sufficiently disciplined about being frugal.

Instead, you should meet regularly with a friend to discuss your efforts to pay down debt.  There are online discussion boards and social media groups dedicated to support and accountability among people who are trying to pay off their credit card debt.

Choose Your Balance Transfer Offers Wisely

Sometimes credit card companies will offer you an interest-free grace period if you move your credit card balance to their card.  Therefore, when you make the same monthly payments you have been making, your principal balance gets lower faster, and when the interest starts again, it is less because it is based on a lower principal amount.  Too many balance transfers can be bad for your credit score, so choose wisely.

Focus on Not Racking Up More Credit Card Debt

If you made the minimum monthly payment on your credit card this month but didn’t charge any additional purposes, consider it a success and try to do the same next month.  Paying more than the monthly minimum payment only to run out of money and charge a purchase worth more than the minimum payment is counterproductive.

Work With a Debt Lawyer About Paying Down Credit Card Debt

A South Florida debt lawyer can help you if your credit card balances are holding steady, or getting bigger, even though you keep making payments.  Contact Nowack & Olson, PLLC in Plantation, Florida to discuss your case.



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