Category: Credit Cards

Credit Cards

4 Strategies for Paying Off Your Credit Card Debts

Many people don’t realize this, but credit cards are not the most affordable type of loans on the market. Since credit cards charge you interest on a monthly basis, it is not uncommon for them to have double-digit APRs. There are also additional charges that you have to pay, including late fees, insurance, and administration costs.

On the other hand, credit cards are useful and rewarding. There are plenty of promotional programs and great rewards to earn from using your credit cards. You can still find a lot of benefits by using the credit cards you have wisely.

What if you are already dealing with issues repaying your credit cards? Solving those issues and paying off your credit card debts should be a priority. You save more money in the long run and can regain control over your personal finance. These 4 strategies will help you pay off your credit card debts in a more structured way.


One of the first things you can do if you are struggling to pay your credit card bills is stopping the interest on your cards. This means closing the credit cards and negotiating a more manageable settlement with the credit card companies.

Many companies will work with you if you run into issues with your credit cards. As long as you have a good reason why you are missing your payment deadlines and not being able to pay the minimum amount, credit card companies will be more than happy to work with you.

Bear in mind that closing the credit cards and renegotiating a better deal are moves that will show up in your credit history. It may affect your credit score, so do it with consideration and make sure you settle for a deal that you can afford.


Another thing you can do is consolidating multiple credit card bills into one loan that is easier to manage. This too is a way to settle multiple credit cards at once. While you don’t have to close the credit cards you consolidate, closing the account after repaying the bills is still the best way to go. The last thing you want is going back to your old habits and exhausting your credit cards again.

Personal loans are handy for consolidating credit card bills. They are more affordable than most – if not all – credit cards, and they can be stretched across a long period of time to make your monthly payment more affordable. Personal loans are flexible too, so you can consolidate multiple credit cards even if your balances are substantial.

There are also consolidation loans designed specifically for this purpose. Some lenders will even help you negotiate a better deal with your existing lenders to make the whole arrangement more affordable.


For less severe credit card issues, all you need to do is prioritize. List all of your credit card debts and start prioritizing them. You can either use principal amount – starting from the smallest ones – or cost – starting from the most expensive credit cards – as you prioritize your credit card bills.

The credit card that sits at the top of your priority list is the one you need to repay first. Pay the minimum amount of other credit cards you own and allocate as much money as you can towards that priority card. The sooner you can settle that card, the sooner you can allocate the money towards repaying other credit card bills.

Starting with the cart that has the smallest principal amount is usually a good way to go. You can make a bigger impact by paying more than the minimum amount since the size of the loan is relatively small. This means you can settle the credit card bill sooner and then move on to the next one.

Trim and Reorganize

One more thing you should consider doing when you are struggling with multiple credit card debts is managing your expenses more meticulously. You have debts to repay; now is not the time for luxury items and unnecessary spending.

What you want to do instead is saving as much money as you can. The money you save must go towards repaying the credit card debts. Allocating an extra £100 that you save here and there can speed up the repayment process by more than a couple of months.

Allocating more also means saving on interest and other charges. The cumulative benefits are too good to miss. Besides, there are so many unnecessary expenses that you can trim. Once the credit cards are repaid, you can return to paying for coffee in the morning and dining out several times a week.

Dealing with multiple credit card payments doesn’t have to be daunting. You now have the strategies to use and the right steps to take. Get started with implementing these strategies as soon as you can and you will be credit card debt-free sooner than you think.