The Quickest Way to Pay Off Credit Card Debt
It can be tempting to dive right into the points game, but if you're carrying a balance on your credit cards you should shift your focus
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If you're currently carrying a credit card balance, shift your focus to paying that in full before chasing Sign Up Bonuses in the points game. Points don't really benefit you until you're in the position to never carry a balance again, because no amount of points is worth paying a 20+% interest rate. Plus, you'll be more likely to damage your credit by taking out additional cards and adding to your debt.
With that said, there is one credit card tool we used for years while working our way out of debt - find a credit card that offers 0% APR on balance transfers. You simply take a card(s) you're having trouble paying off, and transfer the balance to a new card offering you a special intro rate of 0% APR. This will help you pay off your debt much faster by avoiding the interest.
Our baseline for what is considered a "good" balance transfer card has always been a one time 3% transfer fee, and 0% interest for at least 12+ months. The goal is to pay off the balance as soon as possible, because once you're credit card debt free, you'll see how credit cards can work for you!
Not carrying a balance and ready to dive in? Head over to our next blog The Busy Mom's Guide to Free Travel [Step by Step] where we'll walk you through an easy beginner plan for which cards to apply for and when in year-one.
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Ourwishfultrio has partnered with CardRatings for our coverage of credit card products. Ourwishfultrio and CardRatings may receive a commission from card issuers.
Are you ready for your first card? Get a list of the top 12 cards we recommend for beginners, with a step by step guide on when to apply.
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