Hide tasks (3) Hide tasks

How-to Guides » Pay off your credit card debts

How to destroy your credit card debt quickly and effectively.

Cut the cost of your debts

How-to Guide Tips 3 tips on this task  | 

Get a 0%  balance transfer credit card
If you’ve got a lot of debt on your credit card and it's earning a chunky rate of interest, it’s time to reduce it! Transfer your debt onto a 0% balance transfer credit card and you won't pay any interest on the balance for a set period.

Just make sure you've either paid off your debt by then, or managed to switch it to another 0% card.

Compare 0% balance transfer credit cards with lovemoney.com

Get a lifetime deal
If you think you might not be able to clear your balance that quickly, transfer your debt to a lifetime balance transfer card instead (also known as low APR cards). This type of credit card offers a low rate of interest for as long as it takes you to clear your balance.

Just remember that you're still paying interest, so it's important you clear your debt as quickly as possible.

The benefit of this type of card is that you don’t have to keep switching cards every year or so, and you don’t need to worry about your rate still increasing. That means less hassle – and less to pay in fees.

Finally, if you are struggling to get rid of your debt, and need a few hints and tips on how to get into the habit or what to cut back to give you that extra bit of cash each month, why not ask a question using our Q&A tool? You may find that other members of lovemoney.com have experiences they can share which will help you.

And check out our dealing with debt blog, which has lots of free advice from debt charity the CCCS.

Compare credit cards with lovemoney.com

Enjoyed this? Show it some love

Twitter
General

Tips on this task (3)

  • Liony
    Love rating 15
    Liony said

    My tip is: Cut your cards up first and formost. Write to the creditors and tell them your circumstances along with an incoming and outgoing chart, showing clearly what is left before you even pay the card bill for the month. Ask them to freeze the interest for you.

    I did this, and two of my creditors took the interest off with the priviso that I never missed a payment. I set a standing order up with the bank.

    Another promise I have made myself is NEVER use a credit card again or any credit

    Report on 13 February 2012  |  Love thisLove  0 love
  • Ari Page
    Love rating 0
    Ari Page said

    Tips which you post here are really appreciative. I am searching for this type of article from long time. Thanks for sharing.

    Report on 21 December 2012  |  Love thisLove  0 love
  • creditcardbuilder
    Love rating 0
    creditcardbuilder said

    Its a nice place to gain the information regarding how you can get rid of debt. I'm also struggling regarding it since a long time. I hope your tips would be so helpful for me.

    Report on 16 May 2013  |  Love thisLove  0 love

Post a tip

Sign in or register to post a tip.

Most popular tipsters

W3C  Thank you for using Lock, Stock and Two Smoking Barrels