Sometimes credit card debt can creep up on you at the most inconvenient times. You may have gotten a bit carried away this past month, and now you’ve found yourself diving deeper into credit card debt. As the holidays approach, you’ll want to free up your credit card debt so you can purchase gifts for loved ones, or be able to enjoy the holiday without the stress of debt weighing on you.
Whatever the situation you find yourself in, it’s essential to pay attention and implement a strategy to pay off your card as soon as possible. Here are 5 ways you can pay off your credit card debt before the holidays.
Set a Goal
You’ll need to set goals that are realistic and aim to pay off high-interest credit cards. It’s easy to run up balances quickly in a short time, but with some discipline, you’ll be able to get there and pay the credit card off. Be sure to follow a system to monitor your progress, stick to the plan, and keep motivated to achieve your goals.
Reassess Your Budget
If your aim is to free up some money and put it towards your debt, you are going to have to evaluate how you’ve been spending your money. With great debt comes great responsibility – you may have to cut out certain unnecessary purchases from your budget. Look for particular areas where you can make cuts, even small items at a time can free up more money to pay off debt.
Put Your Credit Card Away
If you’ve seen the movie Confessions of a Shopaholic, then you know that sometimes, to curb your spending, you need to put your credit card in the freezer. This trick prevents you from keeping your credit card in your wallet so that it won’t become a temptation.
If freezing your credit card seems too extreme, be sure to keep it tucked away in a safe place or don’t bring it with you when you go out. Paying with cash instead of credit will better identify what you actually need to purchase, and help you stay aware of your spending.
Get a Short-Term Loan When You Get Stuck
If you feel confident that you can pay off your loan during your next payday, a payday loan can be an immediate solution to your credit card debt woes. You’ll want to look at your options for online loans and find a company with a good track record.
Ideally, you’ll want to work with a company that lets you know if you’ve been pre-approved quickly, processes loans instantly, and will transfer your loan as soon as possible. You’ll also want to deal with a friendly customer service-oriented team.
Prioritize Your Debts
To best pay off your credit card, make a list of all of your debts and rank them in order of importance. For many, mortgage and vehicle payments are near the top.
Priorities vary for everyone – ultimately, it’s up to you to decide on what order you want to pay off your debts.
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Now that you have some tools to get started, you’ll be paying off your credit card debt quicker than you think. Paying off your credit card only takes a few sacrifices so you can meet your financial goals this holiday season.