Market Briefs Newsletter

Subscribe to our FREE finance & business newsletter to get financial news you can finally use.

Thanks for signing up to Market Briefs! Please check your email to confirm your subscription. If you don't see the email in an hour, check your spam and promotions folder. 

Be sure to read our Privacy Policy & Terms of Use.

  • Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
Minority Mindset

Minority Mindset

Defy all odds.

  • Home
  • About
  • Blog
    • WEALTH
    • REAL ESTATE
    • STOCKS
    • SAVINGS
  • PRODUCTS
  • MONEY 101
  • GUAC TALK
Advertiser Disclosure

Our promise to you.

Minority Mindset, LLC is an independent, advertising-supported publisher. We are not an investment advisor. Always do your own due diligence and never blindly listen to a random article on the internet. We do our best to provide financial education with our free videos, articles, tools, and other self-help content. But these are for informational purposes only, they’re not investment advice.

Minority Mindset does not and cannot guarantee the accuracy or applicability of any information regarding your individual circumstances. The examples we provide are hypothetical and we encourage you to get advice from a qualified professional regarding specific investment, tax, legal, and financial issues. Previous market performance does not guarantee future performance.

We want everyone to be able to make educated financial decisions. We do not feature every company or financial product available. However, we’re proud of the financial education and guidance that we provide at no charge.

We’re paid by our brand partners and advertisers. This may influence which products we mention, review, and where they appear on our site. But it does not affect our recommendations or advice.

See more from Credit

5 Foolproof Ways To Get Rid Of Credit Card Debt For Good

February 23, 2021 by DJ

DJ Whiteside February 23, 2021

How to Eliminate Your Credit Card Debt for Good

Disclaimer

We only endorse products that we truly believe in. Some of the links below may earn us some extra guac at no additional cost to you. Please pass the chips & thank you for feeding our habit.

Just because you’ve accumulated credit card debt, you don’t have to keep it forever.

No matter what your situation is, just know that you’re not without options. Debt stops controlling you once you learn to control it. 

So take the lead and find out how to get rid of credit card debt once and for all.

I’ll walk you through the safest and most effective ways to get rid of credit card debt and bring that balance back down to zero.

PlatformPromotionsLink
Get a cash bonus of $30-$500 Sign Up
Get one free stock priced up to $225 Sign Up
Get up to $1,000 after funding a new accountSign Up
Get a free slice of stock worth up to $300Sign Up

5 Foolproof Ways To Get Rid Of Credit Card Debt For Good

Credit card debt is the worst type of debt you can carry because it comes with sky-high interest rates and fees.

So now that you’ve picked the best repayment strategy for you, here are seven ways to get rid of credit card debt quicker and reclaim your financial freedom.

1. Stop Using Your Credit Cards

Well, one of the best ways to get rid of credit card debt is to stop using credit cards.

This is not going to be easy, but you cannot pay down your credit card debt if you continue adding to the balance.

Credit cards aren’t a substitute for income from a full-time job.

And by using them that way, you’re setting yourself up for even more financial problems in the future.

2. Add Up All Your Credit Card Debt

If you’ve racked up a lot of debt, then it may be tempting to avoid looking at the total balance of how much you owe.

But dealing with the situation head-on is the only way you’re going to be able to manage it. 

Take an afternoon, sit down, and make a list of all your credit card debt. I recommend creating a spreadsheet, and including the following information:

  • Total balance
  • Interest rate
  • Minimum payment
  • Credit card limit

Once you’ve gathered this information, you can come up with a plan for how to eliminate credit card debt. 

3. Earn Extra Cash

Want to eliminate credit card debt as soon as possible? Instead of squeezing your budget for more money, why not try a different approach and take on some side hustles instead?

I’ve been doing side hustles for years earning anywhere from $100 to over $1,000 per month.

There are so many ways to make extra money on the side. And thanks to the Internet, most of them can be done right from your laptop and during your free time.

Plus, once your debt is paid off, nothing is stopping you from continuing to do them and enjoying all that extra cash!

Featured Partners

$0 Minimum Investment

Invest Here

$500 Minimum Investment

Invest Here

4. Make A Balance Transfer

If your credit cards have high-interest rates, then it might be time to start shopping around. I always see credit card offers where they have 0% APR introductory rates that are perfect for making a balance transfer. 

A balance transfer is where you move the money you owe from your high-interest credit card to the one with a low or 0% APR.

The advantage is that you’ll temporarily halt the interest accumulation and can focus on paying down the balance.

In order to qualify, you'll likely need to have a good or excellent credit score.

You’ll also want to make sure that once the low or 0% APR period expires that you’re not going to get hit with an even higher interest rate and be in a worse-off situation.

5. Consider A Debt Consolidation Loan

Another great way to pay off credit card debt is with a debt consolidation loan.

A debt consolidation loan is where you take out a low-interest loan that you can use to pay off your high-interest loans or credit card balances. 

You are trading one debt for another, but there are advantages to choosing this strategy.

Personal loans come with lower interest rates than credit cards. And you may find it easier to focus on paying off one loan as opposed to four different credit cards.

How To Get Rid Of Credit Card Debt

The first thing to do to eliminate credit card debt is to choose the right strategy for you. Because the best way to get out of credit card debt is to be systematic about how you go about it.

Let’s say you’ve got three outstanding credit card balances:

  • Card A with a 15% APR and $5,000 balance
  • Card B with a 20% APR and $10,000 balance
  • Card C with a 30% APR and $15,000 balance

Now, here are the two debt repayment strategies most financial experts recommend:

Debt Snowball

Financial expert Dave Ramsey has popularized the debt snowball method.

With this method, you start by paying off the debt with the smallest balance and make minimum payments on the rest.

Once that credit card is paid off, you apply that money to the next lowest balance, and so on.

Using the debt snowball method, you would:

  • Start by putting your credit card debts in order of smallest to highest balance. In our case: A, B, then C.
  • Focus on paying off credit card A first. Continue making the minimum payments on cards B and C.
  • Once A is paid off, turn your attention to credit card B. Take all the money you were putting towards credit card A every month and roll it into your payment towards B. Continue making the minimum payment on card C.
  • Once B is paid off, turn your attention to credit card C. Roll all the money you were putting towards A and B into your payment towards C. Continue until your debt is completely gone.

Debt Avalanche

The debt avalanche is similar to the debt snowball, but it focuses on paying off the debt with the highest interest rate first.

You’ll save more money in interest with this method, but you may not achieve a quick win like you will with the debt snowball method. 

Here’s how it works:

  • Start by putting your credit card debts in order of highest to lowest interest rate (APR). In our case: C, B, then A.
  • Focus on paying off credit card C first. Continue making the minimum payments on cards A and B.
  • Once C is paid off, turn your attention to credit card B. Take all the money you were putting towards credit card C every month and roll it into your payment towards B. Continue making the minimum payment on card A.
  • Once B is paid off, turn your attention to credit card A. Roll all the money you were putting towards C and B into your payment towards A. Continue until your debt is completely gone.

How To Get Rid Of Credit Card Debt For Good- Final Thoughts

There’s no one best way to get out of credit card debt. What worked in my situation or for a friend of yours might not work for you.

However, consider these ways to get rid of credit card debt and weigh their pros and cons carefully. 

To start, you’ll need to know your debt balances, interest rates, minimum payments, and due dates. Slap those numbers into a spreadsheet and decide where to go from here!

PlatformMinimum InvestmentLink
$10Sign Up
$1,000Sign Up
$5,000Sign Up
$25,000Sign Up

Written by DJ Whiteside.

DJ writes about retirement and credit cards. He loves looking for new ways to optimize savings, build wealth, and sharing what he learns with others.

Primary Sidebar

Advertiser Disclosure

Our promise to you.

Minority Mindset, LLC is an independent, advertising-supported publisher. We are not an investment advisor. Always do your own due diligence and never blindly listen to a random article on the internet. We do our best to provide financial education with our free videos, articles, tools, and other self-help content. But these are for informational purposes only, they’re not investment advice.

Minority Mindset does not and cannot guarantee the accuracy or applicability of any information regarding your individual circumstances. The examples we provide are hypothetical and we encourage you to get advice from a qualified professional regarding specific investment, tax, legal, and financial issues. Previous market performance does not guarantee future performance.

We want everyone to be able to make educated financial decisions. We do not feature every company or financial product available. However, we’re proud of the financial education and guidance that we provide at no charge.

We’re paid by our brand partners and advertisers. This may influence which products we mention, review, and where they appear on our site. But it does not affect our recommendations or advice.

More From Credit

  • How To Improve Your Credit Score - 10 Simple Tips!
  • 5 Foolproof Ways To Get Rid Of Credit Card Debt For Good
  • How To Understand Your Credit Score
  • How To Choose A Business Credit Card In 5 Steps

Get Your FREE Guide To Building Wealth

& our daily newsletter

Thanks for signing up for our financial education emails! Check your email to confirm your subscription. If you don't see the email in an hour, check your spam and promotions folder.

Be sure to read our Privacy Policy & Terms of Use.

Featured Credit Posts

Easy ways to improve your credit score

How To Improve Your Credit Score - 10 Simple Tips!

How to Eliminate Your Credit Card Debt for Good

5 Foolproof Ways To Get Rid Of Credit Card Debt For Good

How To Choose A Business Credit Card In 5 Steps

How To Use Credit Cards to Your Advantage

7 Ways To Use Credit Cards To Your Advantage

The Latest On Credit

How to Improve Your Credit Scores

How To Understand Your Credit Score

Capital one spark thumbnail

The 2 Best Business Credit Cards In 2022

Footer

Keep Hustlin’

Company

  • About Us
  • Store

Help

  • Contact Us
  • Advertise
  • YouTube

Legal

  • Privacy Policy
  • GDPR Opt-Out
  • Comment Policy
  • Terms of Use

Follow us on:

Disclaimer: The information on this site is of a general nature only. It does not take your specific needs or circumstances into consideration. You should look at your own personal situation and requirements, and seek independent professional advice, before making any financial decisions. Our content is provided for informational purposes only, and no content that is provided or included in our products or services is intended for trading or investing purposes. We will not be liable for the accuracy, usefulness, or availability of any information transmitted and/or made available by way of our products or services, and shall not be responsible or liable for any trading and/or investment decisions made by you based on any such information. For a further understanding of this Disclaimer and use of our site, please see the information contained in our Terms of Use and Advertising Disclaimer.

Minority Mindset may earn a portion of sales from products that are purchased or recommended through our site as part of our Affiliate Partnership with retailers and brands.

Minority Mindset has partnered with CardRatings for our coverage of credit card products. Minority Mindset and CardRatings may receive a commission from card issuers.

© 2023 Minority Mindset, LLC. All Rights Reserved.
Website managed by Stallion Cognitive™