Three words that can often make people cringe:

Credit card debt.

It can be what separates you from financial freedom and peace. Racking up high interest credit card debt was probably unintentional, an emergency in time of need. But with that lingering debt, you’re constantly reminded of it.

You don’t even want to think about how much you’ve been paying in interest in that credit card debt.

But living in costly credit card debt doesn’t have to be part of your account portfolio. Are you willing and eager to get it paid off but not sure exactly how to make it happen? Here we share five fast ways you can use to get that high interest credit card debt paid off and get on to financial freedom.

1. Stop Using Your Cards

This may go without saying. But if you can, stop using your credit cards that have gotten you into debt in the first place. Credit cards may it easy to make purchases without second guessing the action since the money isn’t immediately removed from your bank account.

But eventually, you will have to pay that back.

Instead of a credit card, choose to use a debit card, which takes fund right from your account, or a prepaid card that you pay for ahead of time. Making this transition may help you think twice about a purchase you make and prevent further debt to accumulate.

2. Get Rid of The Highest Interest Rate First

When you’re looking at your collection of all your credit card you’ve accumulated, it can be a bit overwhelming, depending on how much you’ve accrued. As you make your repayment plan of attack, it’s helpful to tackle the card with the highest interest rate first. This card would be the one that’s accumulating excess interest the fastest, which only continues to add to your repayment amount. As you make payments toward the principle, or the original amount of your purchases before adding on interest, the amount of interest you’ll pay will also go down.

Once you have that highest interest card paid off and checked off your list, move on to the next highest as you pay toward both the principle and the interest on the card.

3. Use Debt Consolidation Options

Paying debt from many different cards and companies can get tiresome and confusing. With a credit card consolidation loan, also known as a personal loan, you’ll be able to combine your debt into a single plan where you make consistent payments. If you’re able to consolidate your debt and get a lower interest rate on that amount, you’ll end up saving money from spending on interest in the long run.

In addition to a personal loan, balance transfer credit cards are cards that allow you to consolidate your debts as well. This method also helps you to cut down on costly interest rates. Many of these options will require you to have good credit history.  

4. Pay More Than the Minimum

Credit cards allow you to choose how much you pay each month as long as you meet the minimum balance. But always choosing that minimum amount can lead to a long road of repaying your card. Instead of always meeting the minimum, try paying off a little extra on your continual balance. Doing so will help you pay off your balance quicker and prevent massive interest from accumulating.

5. Add a “Debt Repayment” Line to Your Budget

Maintaining a consistent budget can be essential in being able to effectively pay off your credit card debt. Make paying off this debt more of a priority by adding monthly payments into your budget. As you spend, make sure you know where your money is going and on which categories, such as entertainment, food, clothing, you tend to spend the most on.

Then comes the challenging part of cutting down your spending in those areas so you can allocate that extra money to covering your credit card debt. While it may be unpleasant for a season, getting that credit card debt paid off as soon as possible with the help of a monthly budget can help you better achieve financial freedom and peace.

Don’t Let Your Debt Define You

Credit card debt you’ve accumulated can be a constant annoyance in your monthly bills. But there is a way out. These five simple and effective methods can help you pay off that debt quickly and efficiently so you can get back to good financial health, including rebuilding your credit history.