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Below are some steps you can take yourself to eliminate card debt.

In addition to the steps that are listed below on eliminating credit card debt, you can also contact a credit counseling organization (which statistics show have up to a 60% success rate) to get help. They offer support as well as free advice on how to eliminate credit card debt. The point is that there are things you can do yourself as well as other agencies that can assist as well.

Many of those organizations that work with you on eliminating debt will not charge you any fees for their service unless they save you money. So if they do not save you any money or reduce your debt, you do not need to pay them. This in effects makes using a third party risk free.

If you do use a credit card, here are the best ways to limit and/or eliminate your debt. They include DIY as well as partnering with non-profits. Not only that, but there is information on how to keep your credit card debt low and manageable to ensure it is eventually paid off.

Pay off the credit card bills with the highest interest rate first

The best way to help eliminate or get rid of your credit card debt is you need to pay off the credit card with the highest annual percentage rate first. When that card is paid off, move onto the credit card with the next-highest interest rate and pay off that debt. Repeat this process until all of the balances are zero.

It is a great approach to take by always attacking that high interest credit card debt first. This will provide the consumer with the most bang for their buck. You can also look to consolidate your credit card debt and bills with a lower interest rate credit card, which can add up to significant savings. Read more low interest rate credit card.

Explore options for credit card assistance programs

Credit card companies offer a few different programs and plans that can help you lower your interest rates, reduce or eliminate fees, or even reduce your total principal balance. There are some tips and tricks to follow to try to implement these plans. Read more on steps to take to get assistance.




Pay more than the minimum to help eliminate the debt as quickly as possible.

Once you start paying more than the minimum payment each month on the account, the credit card debts and bills that you have will start to rapidly disappear. Paying just the $60 minimum payment on a $3,000 credit card bill, it would take over eight years to pay it off and would cost you an incredible $2,780 in interest. By just by paying an additional $50 a month, the balance on the card would be paid off in only three years, and you would save over $1,800 in interest charges.

Those interest savings can then be re-allocated. Those monthly savings in interest could also be applied to help paying bills of a different nature, and can eliminate other expenses you typically incur.

Cash out of your savings account. But only savings, not other investments.

You can cash out a savings account and use the money towards credit card debt repayment. Surprising you  ask? Even when you credit card interest rate is at 12% (which is low), your savings would need to pay more than 18% (before federal and state taxes) to equal that outflow of dollars. Since most savings accounts pay roughly 1-3% (or lower!), you lose money every month on your savings.

So it is fine to reallocate that money in an effort to eliminate higher cost credit card debts. Take the savings, use it to help pay off the credit card debt, and it is like getting that 18% return at no risk. Doing this will help reduce your need for additional support. Also, the higher the interest rate on your credit card debt, the more it will help you by using the savings towards repayment becomes.

Put some numbers around this.

-Say your credit card debt is $10,000, and the interest rate is 15%, you are paying $1,500 in interest every year.

-If you have a savings account of $2,000, and the interest rate is 2%, your savings are paying you $40 in interest.

So if you take that entire $2000 savings, use it to help pay off your credit card debt, and bring that down to   $8,000, your interest payment now on that $8,000 debt is now only $1,200 per year. This monthly savings can be used towards eliminating any other expenses the customer has.

So you “earn”, or “save” $300 per year in lower interest payments by using those savings towards your credit card debt rather than earning the $40 per year from a low interest rate savings account.





What happens of my credit card company tries to increase my interest rate?

Elimination can sometimes come with risk. Many banks may push back and not allow it or they may try to increase the interest rate you pay in the future. This can cause future problems. You can either accept the increased rate, you can decline it, or you can negotiate a lower interest rate.

If you decline an increase in your rate, which is a change to the original agreement you had with the credit card company, you do not have to immediately pay off your bills and balance. Instead, once you decline a change to your card agreement, the credit card issuer will most likely close your account so that you can’t make new charges with the card, but the older charges are not impacted.

You have the right to decline any changes to your original credit card cardholder agreement, but your lender doesn’t have to allow you to continue to use the card with the old interest rate. The bank can decide to take other steps, such as closing the account, to prevent the use of the card under the old arrangement terms.

Remember, if the change is unfair or unreasonable, it is better to decline it. Otherwise you may end up in the future needing help with paying bills that may result from the higher interest rate or revised terms. It is better to be pro-active when addressing changes to the terms of your credit card agreement.

Continue with additional ways how to get rid of or eliminate credit card debt. There are many other suggestions and steps to take. Find other credit card debt assistance programs.

By Jon McNamara

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