Average credit card debt per household is creeping over $16,000. With sky-high interest rates, simply making your minimum payment every month is no easy task.
We get it. And we’ve been there.
You’re drowning in debt and you don’t see a way out. But we’re hear to tell you there IS a life after debt and you CAN get out of it – probably more easily than you think!
Here are three ways to pay off credit card debt fast.
Refinance Your Credit Cards with a Personal Loan
How many credit card payments are you making every month? Probably a few, and it’s probably a mess to keep track of.
Instead of making multiple payments to various credit cards, refinance your credit cards with one low interest rate and ONE monthly payment. Way easier, right?
Now, refinancing your credit cards doesn’t work the same as, say, refinancing your mortgage. Instead, you’ll get a personal loan through SoFi (offering rates as low as 5.99%) and use that loan to pay off every single one of your credit cards. Then, make sure to cut up the credit cards or hide them so you don’t end up back in the same place you started.
Focus on paying off your personal loan through SoFi and get out of debt for good. Since you’re payment will be significantly lower, you may even be able to afford to put extra money towards it each month, paying it off even quicker!
And, if you’re approved for a personal loan through SoFi, you’ll get a $100 cash back bonus!
Make More Money
The reason you’re having trouble paying off your credit card debt is because your income isn’t high enough to pay all of your living expenses AND tackle your debt.
That’s OK – I’ve totally been there, and it’s not fun.
So, instead of trying to reduce your expenses even more than you already are, why not try to make more money?
If you made an extra $500 (or more) each month, you could probably have your credit card debt paid off within a year.
Here are five ways you can make an extra $500 a month! Combine them all and make an extra $2500!
I absolutely love side hustling. I freelance write for extra money, I do surveys online for a few extra hundred each month, and I blog. Blogging has been my most successful side hustle, but you won’t make money right away.
You can see my latest income report of over $2,000 here!
I’ve been blogging for two years, and it took a solid year to start making consistent income. However, now the sky’s the limit! I recommend earning extra money now (through freelancing, taking surveys online, selling unused items and more) AND starting a blog. A blog really can make you tens of thousands of dollars per month down the road. Pretty crazy!
Use a Bare-Bones Budget
I know, you’ve probably already reduced your expenses. But, when paying off debt, you need to act like it’s an emergency. Get those loans refinanced, earn extra money each month, AND take a close look at your budget and see what it is you can remove. This isn’t forever, but it’s a must if you want to get out of credit card debt fast.
Daily lattes, eating out and purchasing anything other than absolute essentials must be eliminated. If this seems hard or impossible, try it for just a week and see how much you save. It always surprises me how much money we can save when we pay extra attention to our purchases. Remember, too, that not everything you eat (even at home) has to be fancy. There is nothing wrong with a veggie spaghetti, rice and beans, or meatloaf for dinner. Once you’re out of debt, you can add back in some of your monthly splurges!
Feel free to leave your story in the comments so we can help each other out! Are you in credit card debt? If so, how do you plan on paying it off fast?!