How-to Guides » OLD GUIDE Pay off credit card debts

How to destroy your credit card debt quickly and effectively.

Tasks

Seek free advice

How-to Guide Tips 2 tips on this task | Tweet

Remember, if you’re struggling with your debts, you don’t have to deal with it on your own. There are plenty of places that will offer you free advice and help you to get your finances back on track - these include Consumer Credit Counselling Service, National Debtline, Advice UK, Payplan and Citizens Advice.

So if you’re wondering where to turn next, it may be well worth giving one of them a call. Read Get out of debt with free advice for more information.

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.

Compare credit cards with lovemoney.com

Register now to adopt this goal and offer tips!

Enjoyed this? Show it some love

Retweet

Comments (2)

Facebook

Twitter

General

Tips on this task (2)

4

busyhels said

first i pay the min amount then add on the estimated interest then try to add a little more if i can. gradually i am reducing the total. its painstaking but this way you i am covering for everything and feel in control

Report on 13 September 2010 | Love 0 love
0

Ben Eaton said

If you are skating close to your credit limit and struggling to pay the whole thing off in one then find out what the minimum repayment percentage is and set your direct debit to this percentage of the credit limit.
e.g. if your limit is £5,000 and your minimum repayment is 2.25% of your balance then £112.50 should be your Direct Debit level. This means you always pay that amount and as debt reduces more and more proportionally is repayment and not interest.
Of course, the problem is some credit card companies do not allow you to set anything other than minimum repayment or full amount. In this case, look at what the minimum repayment is and make a manual repayment to bring it up to that level the same day as the direct debit goes out. Don't do it before as a lot of companies don't count it as a payment on top but a payment towards.

Report on 07 November 2010 | Love 0 love

Post a tip

Most popular tipsters

W3C Thank you for using One Flew Over the Cuckoo's Nest