Now Pay Off Other High Credit Cards the Simple Way

Pay Off Other High Credit Cards
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Credit card spending indeed is more popular with the Americans. According to the Experian data American consumers carry about $6,354 on average in the credit card debt. With the increase in the rates of interest continued by the Federal Reserve, consumers that carry any balance on the credit card will pay more cash in interest.

The interest rates on credit cards are adjustable and usually go up when the Fed raises the rate of the federal funds. September saw the most current increase and every sign points towards a constant rise in the upcoming 12 months. Higher rates of interest will make paying the credit card debt off more challenging, yet below are 9 wonderful tried and tested tips that will help you in paying off credit cards with high interest rates.

Tips to follow

If you are thinking how to pay off other highinterest credit cards, then take a look at these tips,

  • Pay in Cash- Credit, when used wisely, can act as a powerful tool. However if one tries to dig out of debt, they should better pay in cash to feel the actual impact of their purchases. The truth is when a person pays in cash they will experience an emotional sting the moment they part with their money physically called as “pain of paying.” Often this pain is non-existent when people use credit cards that make it easier in overspending. For those who do not favor carrying cash, they can use their debit card.
  • Transfer of Credit Card Balance- There is a couple of credit cards which offer low rates of interest or APR on balance transfers. Typically the user will get the 0% or low rate for a specific period at the time of which they must aim in paying off the debt. Before applying for the balance transfer card, it is vital to discover whether it has any promotional APR period, balance transfer fee and also how long will it last. During shopping, the user should stop making any purchase using the old card.  
  • Pay More- Despite paying an additional $25 or $50 every month, paying more compared to the needed minimum payment due will aid the user in clearing the balance faster. Besides it also indicates more of their payment every month will be applied to the principal.
  • Reduce Expenses- When it comes to reducing expenses you have a plethora of tips.But along with eating out less think about parking bills, lowering the gas, carpooling or canceling the gym membership and cable. Although even if the amount is negligible, it can add up. It is good to make a budget as well as to follow it. Most importantly, the user must take the savings to apply the same on their credit card debt.
  • Boost Up Your Income- In case the cardholder has a full-time job already, side hustles and part-time jobs even though it is temporary can help them in earning extra money for paying off their credit faster. Jobs such as tutoring, pet sitting or driving for any ride-sharing can help. The person should ensure that they use all the additional income for paying down their credit cards.  
  • Look for Lower Rates Of Interest- Remember it never hurts to call the credit card agency and ask them to lower the rates of interest. Any consumer that possesses a good history when it comes to making payments on time is often a good candidate. Depending on the amount of credit debt that one has, they may be capable of saving a good amount over the year and during the process also lower their overall balance and payments.
  • Sell Old Stuff- There is never a bad time to clear off the clutter from the house. A person may have a guitar, some jewelry or a bike which they do not use.They can easily sell that at the yard sale, online or a resale store. Shoes and clothing too can bring in them some extra money that they can use on their credit card balance.  
  • Pay Off the Credit Cards of High-Interest Rate First- The truth is one of the best ways of lowering debt is by making extra payments on high-interest rates cards. When one carries balances on different credit cards, they must select the card having the highest rate thereby directing all the additional money there. After paying off this card they should move on with the card that has the next highest interest rate. It is a strategy that will allow higher payments to go to the principal while less towards the interest. In case of cards with lower interest rates, one should stick to paying just the minimum amount till the cards with higher rates of interest are paid off.


  • Every Month Make Two Payments- In fact, another means of lowering the amount that one pays towards interest will be by making more than a single payment monthly on their credit card. For instance, if a person currently is paying $100 every month, they should double it. It is wise in attempting to make a payment every time they get a pay-check.

No investment technique will pay off than getting rid of high-interest debt. Some cards charge high rates of interest up to 18% and above. It is wise to clear off the balance completely as fast as possible. No investment can offer returns for matching the 18% rate of interest on the credit card. So it is best in eliminating all debt before investing. The moment one pays off their credit card they can budget their money and start saving and investing. By combining several of the tips mentioned above indeed will aid one in reaching their goal much faster. The moment they begin a plan, making extra payments and reducing on expenses will not appear a difficult task. As they see their balance beginning to go down, this will motivate them further in paying off the debt of their credit card.

Author Bio

Kelly Wilson is an experienced and skilled Business Consultant and Financial advisor in the USA.  She helps clients both personal and professional in long-term wealth building plans. During her spare time, she loves to write on Business, Finance, Marketing, Social Media. She loves to share her knowledge and Experts tips with her readers.