Paying down your credit card debt might not seem easy, but changing the way you pay can help you. For instance, if you have trouble remembering to pay on time, why not change your payment to align closely with your payday? That way, you can pay all your bills at once, and you'll remember because it's the day you receive your check. If you're paid irregularly, considering making a payment every time you're paid; even if it's a smaller amount, that adds up over time.
To pay down your debts more quickly, consider paying smaller payments every week or biweekly based on your paycheck. If you think about it, paying once a month equals 12 payments, but paying twice a month will end up meaning 13 monthly payments. Over time, that can really add up to savings on interest.
If you get a bonus or other windfalls of cash, remember to pay your bills first. If you have debts, put a little extra onto them. That way, you can get out of debt sooner than you expected.
Building up these good habits can help you get out of debt and reduce your overall stress, too. Keeping focused on spending money on the right things can help you get out of debt and gives you a sense of accomplishment. Need another idea for a quicker payoff? Save your change in a jar for a year and make extra debt repayments at the end of the year, or have your bank round off each purchase to the next dollar, putting the extra into a savings account.
If you find you still struggle, there are other methods for getting out of debt. Your attorney can help you consider things like debt management programs, negotiating with your creditors or filing for bankruptcy.
Source: Creditcards.com, "Cut your credit card debt using micropayments," Erin Peterson, accessed July 15, 2016