Credit card (CC) debt is a big reason a lot of people will never build wealth.
If you're in CC debt, getting out of it is A VERY IMPORTANT step in the right direction.
Here's how you can pay off your CC fastest:
1) Know how much you owe.
If you don't know this number, you don't know how much you need to PAY BACK. This is like your destination on a map.
It's ALSO a lot easier to accumulate more debt because you don't see the balance growing.
2) Understand that this is temporary, but patience is key.
It might feel like paying off your card is taking forever.
As long as you track and limit your spending, it'll be a lot quicker than you think. I promise.
3) Make sure you're aware of everything you spend money on.
$1 spent on your CC is $1 you'll have to pay back in the future.
Is a $400 pair of shoes worth it if you pay it back with 20 hours of work?
4) Make more than the minimum payment.
If you have a $5,000 balance, paying $100 more than the minimum payment every month is going to cut your payback time from 21 years to 4 years.
You would pay $4500 less in interest in that period.
5) ONLY use your credit card to buy NEEDS; avoid use if possible.
It's unrealistic to think that you shouldn't use your credit card.
Imagine not being able to pay for food because you're waiting for your next paycheque. Not eating will ruin your finances AND health.
6) Make sure you celebrate the milestones.
Paid off $1,000? Do something you enjoy (just don't go all out and ruin your progress). You deserve it.
It's impossible to stay on track if you don't celebrate the journey.
7) Start a budget and make sure you stick to it.
Habits are what keep most in debt. Using a budget will expose those negative patterns.
8) Learn about compounding, and how lenders use it against you.
Once you pay off your credit card, use compounding to your advantage by investing!
9) Call your bank and place a freeze on your account (last resort solution).
Learning about credit card debt (Step 8) is a MUCH better way to permanently get rid of a bad spending habit.
Bad habits that you don't grow out of always come back to haunt you.
P.S. If you're interested in learning about creating a plan to get out of debt or learn how money works, take my course.
This $99 investment will give you hundreds of thousands of dollars of value over the next 20-30 years.