What should I do to pay off my 2 credit card debts faster?


1. Stop Using Your Cards. Lock them up.

2. Write down the debts you have, how much you owe on each, the interest rate, and the minimum payment.  Please make sure you always pay at least the minimum on each card. Then focus on paying down the total balance on one card at a time. You can choose which card you target in one of two ways:

  • Check the interest rate section of your statements to see which credit card charges the highest interest rate, and concentrate on paying that debt off first.
  • Pay off the card with the smallest balance first, then take the money you were paying for that debt and use it to pay down the next smallest balance.

3. Review your monthly budget and start categorizing your monthly spending, for example: groceries, transportation, housing and entertainment. Your credit card statement can be a helpful tool; many issuers categorize your spending. Next, look for areas where you can cut back. Then take the money you’ve freed up and apply it to paying down your debt.

4. Sell your unused stuff. You will realize how many things you have paid good money for that you didn’t really need. It helps us to see the tough reality to say no to improve our spending habit in the future.

5. Use your spare time to make extra income. Spend a few spare hours in your week to something your good at or a task you enjoy to make money from home. The average person watches five hours of TV a day, you should be more proactive to spend your time wisely.