Top 3 Tips for Reducing your Credit Card Debt Faster
Are you thinking of ways to pay off your credit card debt faster? We have consolidated ways to pay back your credit card dues and stay out of a debt trap.
Set up a realistic goal:
To start, it is important to set up realistic goals so that you successfully pay off high interest credit card bills or other pending dues. It is quite easy to take money and spend, however its equally important to pay off in time. This also builds your credibility in entirety and helps to reach specific goals. It is best to keep a close eye on your financial changes and report in a timely manner.
To learn how to budget earning & spending, it is important to take note of it beforehand. Work on a monthly plan & spend judiciously per se. Not only will this keep check on your daily means but also how much should you have a backup. These days, credit cards are also planned strategically. Pay up debts which have a fixed monthly payment i.e., make the minimum payments with reasonable rates of interest & more on the high interest cards. After the crucial payments are done, use the extra money for high interest payments.
Put Your Credit Card Spending on hold:
Of course, it is difficult to keep your credit cards away and abstain from using them. However, when you already have debts piling up, its best to keep your spending under check. Pay off your outstanding balances and then restart your shopping spree. Making payments in cash will help you to distinguish between needs & wants. Just remain responsible about your spending and think before spending too much. There is another way to strategist your repayments. Review your expenses monthly and then make urgent payments at the earliest. Start with a 4 weeks’ period & keep a constant check. This way you can keep track of lots of unnecessary expenses and save money.
Read More: How do Credit Cards Work and What to Know?
Align your Priorities-Start paying off debt.
List down your important tasks and spending to keep a check on superficial items. Start with paying off your pending bills, interest rates, charges one after another. Priorities your dues and make payments in the same order. Pay off the ones which supply your basic needs.
Priority for everyone varies and can never be the same for all. Some will try to make payments for the high interest ones first while others may choose payday loans.
This impacts the psychological state of the borrower as if there is a progress in the debt balances. This is extremely motivating for the paying the debt.
Do not focus on minimum balances, start with the next smallest credit card bill, and pay money to get rid of it. As much as credit balance you can free up, it will be helpful in making payments as well.
Often, we meet people who contest basis their best opinion, however it is good to depend on whichever method works best. Go by the best way that suits your personality & then tick your credit boxes.
Related Topics

- Financial Wellness
Online Loans are Changing the Banking Landscapes
Online loan applications are now tried and tested procedures for most banks and financial institutions.

- Financial Wellness
Pre-retirement Planning Essentials
Regardless of whether you anticipate resigning soon or not, there are some essential things you have to take into consideration before you choose to hang up your boots.

- Financial Wellness
Ways to Prioritize your Cash Loan
The value of loans in India increased 12.80% in July 2018 compared to the same month in the year 2017.

- Financial Wellness
Mini Cash Loan to Your Rescue!
At times, life brings us to situations where we are in urgent need of a big sum of money and we don’t have any source of providing us instant cash.

- Financial Wellness
Financial Planning Starts from Your Home
Finances are a big part of everyone’s life. The most important aspect is to handle finances well.

- Financial Wellness
8 Tips You Can Follow for Your Mental Health
The world today has become full of uncertainties with no clarity about the future and its outcomes.

- Financial Wellness
Top 3 Advantages of Udyog Aadhaar
Let us start with the basic definition of Udyog Aadhaar:

- Financial Wellness
Tips to Increase the Credit Score
The CIBIL score is built on how the credit report looks to be.

- Financial Wellness
Essential Checklist before selecting your Loan “Partner”
Taking a loan with a partner may increase the chances of loans getting approved.

- Financial Wellness
Ways to Prioritize your Cash Loan
The value of loans in India increased 12.80% in July 2018 compared to the same month in the year 2017.

- Financial Wellness
Find Out How are you Doing Financially?
They say we must have a financial backup ready for about 6 months to meet daily expenditure to say the least.

- Financial Wellness
Some Common Financial Emergencies and How to Deal with them
A considerable lot of us tend to live in the time, or at-least for the occasion as far as shelling out funds is concerned.

- Financial Wellness
Benefits of Your Aadhaar Card
Aadhaar Program was launched in 2009 with a main objective to give universal identity to every Indian resident.

- Financial Wellness
Are Your Finances Affecting Your Mental Health?
Money should be the last thing to disturb our mental status.

- Financial Wellness
How to use internet banking safely?
Life has become easy with digital wallets, online payments and everything turning online.

- Financial Wellness
Virtual Aadhaar: All You Need to Know About It
Don’t want to let out your Aadhaar number? Concerned that your Aadhaar details will be misused or sacked?

- Financial Wellness
Form 16 and its Benefits
Filing Income Tax Returns is the most important thing that one is responsible to do for which we use Form 16.

- Financial Wellness
Remote Working Tips for Parents Working from Home
Our lives have literally changed during this self-imposed quarantine & Covid 19 pandemic.

- Financial Wellness
Complete Guide on Emergency Funds and Cash Reserves
One of the best personal finance concepts we’ve ever heard is of the ‘emergency fund’.

- Financial Wellness
Be Financially Ready Before You Quit Your Job
While some may quit their jobs impulsively with a dream of new ventures in their mind, others may look at it as a solution to difficult circumstances.

- Financial Wellness
Should you become a Loan Guarantor?
Being a loan guarantor for your friend or family members could be a generous move, however any default or skip can put you in a tight financial spot.

- Financial Wellness
Major Goals to achieve with Quick Cash Loans
We all are driven by goals which motivate us to work towards achieving them.

- Financial Wellness
CIBIL Score Myths That You Believed Were True
CIBIL (Credit Information Bureau (India) Limited) is a credit information company that maintains records of an individual’s credit history, including credit cards, personal loans, and home loans.

- Financial Wellness
What to Look for When Comparing Small Business Loan Lenders
We are much ahead of the times where you would only look up to financial institutions like banks for a business loan as a started in the domain.

- Financial Wellness
A Quick Guide to Common Financial Myths Busted
Financial experts and investment advisors always preach that holding a stock for the long term can make you rich.

- Financial Wellness
Keep These Points in Mind while Applying for a Loan
Most of us know the struggle while applying for a loan.

- Financial Wellness
How Can a Good CIBIL Score Help You Celebrate the Festive Season Better?
The festive season brings joy, warmth, and a chance to create lasting memories with family and friends.

- Financial Wellness
How to Increase Your CIBIL Score Fast?
As consumers, our tendency for obtaining items on credit is at an all-time high in this credit-driven economy.

- Financial Wellness
What should be the right age for taking up a Loan?
One of the biggest worry that everyone faces today is- why should we take loans and what is the right age to take it up?

- Financial Wellness
How Did Coronavirus Impact the Finance Markets?
The world witnessed the devastating power of the Coronavirus as it spread across nations, affecting not just human lives but also global economies and financial markets.

- Financial Wellness
A Detailed Guide On Paying Home Loans Faster
Buying a home is a big investment, and most people take out a home loan to finance their purchase.

- Financial Wellness
How To Improve Your Instant Loan Application?
You may require funds for a wedding, home improvement, higher education, vacation, medical emergency, or debt consolidation, among other things.

- Financial Wellness
How To Deal with Unexpected Wedding Expenses?
Weddings can be expensive, and unexpected expenses can quickly derail your budget.

- Financial Wellness
How To Repay A Personal Loan When Faced With A Job Loss?
Life is full of unexpected twists and turns, and one such challenging moment can be the loss of a job.

- Financial Wellness
Is Buying Home Appliances on EMI A Smart Choice?
Most of us cannot picture our lives without home appliances. These appliances help us complete most of our everyday tasks.

- Financial Wellness
Personal Loans in Metros v/s Non-metro Cities: Differences & Benefits
In the ever-evolving landscape of personal finance, individuals often find themselves in need of extra funds to meet various financial goals and obligations.

- Financial Wellness
What Affects Your Personal Loan Interest Rate?
When it comes to borrowing money through a personal loan, one of the most crucial factors to consider is the interest rate.

- Financial Wellness
How Does Age Affect Your Personal Loan Eligibility?
In times of financial need, personal loans are often helpful. Both the application and approval processes for loans are quick with digital lenders.

- Financial Wellness
4 Pillars Of Wealth Creation
Of course, the process of wealth creation is a long-drawn process held up by 4 critical pillars of strength.

- Financial Wellness
4 Reasons How Travelling is the Best Stress Buster
Financial institutions judge you and your credit standing on the basis on your credit score and quality of financial transactions.

- Financial Wellness
6 Simple ways to increase your credit score
Financial institutions judge you and your credit standing on the basis on your credit score and quality of financial transactions.

- Financial Wellness
5 Important Things to Help Your Finances During the Quarantine Phase
There are special financial ‘to-dos’ to tackle while you’re spending time at home mostly.