If you have one or more credit cards which you would like to repay, then you may wonder how to go about it. It can make sense to repay the cards as you will otherwise be being charged interest on them and this is costing you unnecessary money. However, you may wonder how you can repay them. It can feel difficult, especially if the amount you owe feels large, but there are things that you can do to help.
Stop Using the Card
It is a good idea to stop using the card as much as you can. This will mean that you will not be able to accumulate more debt on it and it will be easier to repay it. There might be situations when you really want or need to use the card, such as when buying things online so that it can be more secure but try not to just use it out of habit but only when consider there to be no alternative.
Make Sure you Repay the Minimum or More
It is really important to make sure that you repay the minimum each month on the card. Set up a direct debit to pay it so that you will not forget. This will be a relatively small amount of money but if you do not pay it there will be more fees and you want to avoid these if you can. Many people do not realise that you can actually pay a bit more than this if you want to. It sometimes feels, form the way that the statements are phrased, that we should either repay everything we owe or the minimum, but you can pay any amount that you wish at any time. Therefore, it can be a good idea to pay a bit more than the minimum so that you repay a bit extra each month and then you will get it repaid more quickly.
Find Chunks of Money to Repay it
It can be a good idea to see whether you can raise extra money to repay the card. This could be done in many different ways and it is a good idea to have a think about what will work well for you. It might be that you will be able to pay less for some of the items that you normally buy and use the money that you would normally have spent to put towards paying off the card. You could cut back and buy less things and spend less that way. It might be that you will be able to find some ways to earn more money as well. You might be able to sell some things that you own and no longer need as well and that could raise some money that you could use. You might also need to think about earning more money. You may be able to find some additional work such as freelance work or temping or earn some money online that you will be able to use to help you. It might sound difficult but it can be very rewarding and knowing that you are getting closer to repaying the card can be very motivating as well. It is worth remembering that every bit that you put towards it makes you one step closer to repaying it. Even just putting the money that is left in your current account at the end of the month towards repaying the card will help you to be able to pay it back more quickly. If you keep focussing on what you need to achieve with regards to repaying the card it will help to motivate you to be more careful with your spending and to grasp every earning opportunity so that it can be repaid as quickly as possible.