Many of us have credit cards and they can be extremely useful in many ways. They will allow us to buy things without the need to have the money or to pay with cash. They also provide security when buying online and are very convenient as well. However, they can be a way that some of us will build up debt. Luckily there are things that we can do which we can do which will enable us to pay off the debt more easily.
Pay more than the minimum each month
To start with make sure that you are not only repaying the minimum amount on the credit card. This amount tends to only cover the cost of the interest and perhaps just a tiny bit of repayment. By only paying this small amount the debt will last for a long time. If you can pay extra money towards it, you will be able to repay it more quickly. So even if you can only afford a few pounds extra, then it will start to make a difference.
Pay off chunks when you can
If you get some extra money, then use this to repay some of the debt. So, if you have a bit left in your account at the end of the month, get a bonus at work, are given some as a gift, get a refund or spend less due to a sale price, then use the money to repay the debt. It can be worth thinking of ways that you might be able to cut down on your spending or earn more so that you can do this. You might be able to work a few more hours, take on a second job, do some freelance work or online jobs to accumulate some extra money. Also, if you are careful and compare prices on everything you buy, you may be able to cut down your spending and then have some money left over that you can use on the card.
Stop spending on the card
It can be wise to stop spending on the credit card until it is paid off or else you will be making it harder to repay it. If you are making online purchases and this is your only credit card, then you may want to use it for security reasons. If you do this., then use the card but then immediately transfer some money to pay that amount off the card and it will then not add to your debt. Otherwise, try hard to avoid spending on it as much as you can. Use a debit card or cash to buy things where you can instead.
It can take time to repay debt and you may feel that you are taking a long time and it is getting tedious. Make sure that you try to stay motivated. Write down the reasons that you want to pay off the debt and how it will advantage you to do so. Stick this somewhere prominent so that you can see it every day and make the effort t o read it. This should help you to feel determined and to do more about getting the debt repaid. Try not to get down though, if you are unsuccessful at times. It is not an easy thing to do so be kind to yourself, try your hardest and try to reward yourself for getting things right. Use rewards that are not expensive though, such as watching a comedy on TV, having a long bath, getting a good book form the library or something like this.