How to Get Out of Credit Card Debt in 10 Steps

How to Get Out of Credit Card Debt

Being in credit card debt is undoubtedly a stressful and depressing experience.

Similarly getting out of debt can be just as stressful.

You may be wondering how you can get out of credit car debt.

It often takes years or decades in order to pay off debt no matter what kind of debt it is.

Here are 10 things you can start doing today to get out of credit card debt today.

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1. Create a Realistic Budget

Creating a realistic budget is an important measure in order to manage your expenses and help you reduce your debt. You need to make sacrifices in your financial life. Also, you need to keep your priorities in mind while making a realistic budget. You can’t spend as much or more than you make, it’s that simple. The budget that you make, helps you in maintaining your financial stability.

Cutting out all the unnecessary things from your budget will ensure you’re saving as much money as possible. Therefore, in order to get our of credit card debt easily and quickly, creating an effective and realistic budget is an effective measure.

2. Stop Using Your Credit Cards

People usually use credit cards in order to afford their lifestyle and on unnecessary items, in turn, leading towards more and more debt. Therefore, it is important to know your priorities and stop spending money needlessly. The more debt you rack up the lower your credit score drops. 30% of your FICO score is made of your credit utilization ratio. Credit utilization is the ratio of your credit card balances compared to your credit limits. The lower your balances are, the higher your credit score will be.

The first thing you need to do in order to get out of credit card debt is to stop using your cards. Paying down your balances isn’t as effective to reducing your credit card debt if you continue to use your cards. Cut up your cards or store them somewhere at home so you’ll be less tempted to use them.

3. Eliminate Expensive Habits

Living a lifestyle above and beyond what you can afford is how debt is racked up in the first place. Learn to live with less. Spending money can be addictive. Learn to control expensive habits such as daily restaurant lunches or dinner, purchasing alcohol or tobacco, and intake of daily. While making a budget, it is essential to be focused on what you need and what is that you can live without.

Eradicating all the expensive habits from your life can make it easy and accessible for you to save more money. Therefore, evaluating your spending habits and making the proper cuts is a great way to eliminate credit card debt by saving more money to pay off your balances.

4. Throw Excess Cash at Your Debt

Just paying the minimum amount due will not get you out of debt anytime soon. There are several ways how we get money that we usually don’t invest in paying the debt and this is one common mistake. It is important to keep in mind that whenever you get the money it is effective in eliminating debt quickly by throwing some extra cash.

There could be any source for this extra amount of money such as winning a bet, selling your car, tax refund, an inheritance or anything. Therefore, investing this extra amount of money for eliminating your debt is an effective idea. Especially if the credit card debt you’re carrying is high interest debt.

5. Sell Anything You Don’t Need

Most people have stuff in their homes that barely get used. Instead of having stuff laying around collecting dust, sell it and use the money you make to pay off your credit cards. We can live without such things and they are not even in our regular use. Therefore, it is an effective idea to sell such things and make more money that you could use in paying down your debts.

Start considering what you require for your daily use and what can be advantageous for you to sell extra stuff. it is one of the best ideas for getting out of debt quickly and easily. Sites like and are great for listing just about anything you don’t use for extra cash.

6. Get Your Side Hustle On

Everyone has some built-in skills that can help them make some extra money. In order to speed up the process of getting out of credit card debt quickly. You should to find your extra hidden skills or talents whether it is becoming a virtual assistant, data entry, cleaning houses, babysitting, mowing yards or anything else.

Some great websites such as and allow you to advertise your talents as a freelancer. Get paid for small gigs or ongoing jobs and make extra income you can put towards your credit card debt. Every dollar you throw at your debt gets you closer to being debt free.

7. Consider a Balance Transfer

Credit card debt with high interest rates can take years to pay off. The main hindrance is the interest, by taking advantage of the low introductory rate balance transfer cards offer you can pay down your credit card debt much faster and avoid interest charges.

There are plenty of credit cards that offer 12-18 months of interest free balance transfers. Move your debt from one card to a no interest card to reduce the debt faster without interest.

Find a 0% balance transfer offers

8. Negotiate a Lower Interest Rate

In order to lower your high-interest rates, all you need to do is call your card issuer and ask. Getting lower interest rates is easy and accessible if you are paying your monthly bills on the allocated time. Your bank will appreciate you being a valued customer and should work with you by reducing your interest rate.

Shaving off even only a point percent can help you by saving your hundreds when you pay off your debt. Therefore, a simple call and a polite and courteous request can help you in negotiating your interest rates. If your bank fails to lower your card rate you can apply for another credit card and do a balance transfer. Most banks are aware of this and will work with you to keep you as a happy customer.

9. Get a Part-Time Job

Part-time jobs are great for making an extra amount of cash. There are many bonuses and tips provided by these jobs. Thus it is important to invest your every hour available and make money. This extra money that you earn can help you in paying off your credit card debt and you can get rid of it quickly and without any stress or depression. Jobs like waiting tables or driving with Uber can provide you with cash on a daily basis you can put towards paying off your debt.

10. Track Your Progress

Instead of wasting time on fretting over your credit card debts and various bills, you can also check your progress. You can effectively track your progress by setting reminders on your calendar. This measure will enable you to check up on your finances. Also, you can compare your starting balances and your recent ones in order to track your progress.

Seeing those balances get lower and lower is something that will even further motivate you to get out of debt as quickly as possible.

The bottom line…

Being stuck in credit card debt is a very stressful time. As we’ve covered in this article there are several things you can do to get yourself out of credit card debt fast. You need to stop using your cards and start throwing extra money at your balances. Working on reducing the interest rates with your current creditors, or doing a balance transfer to a credit card with a lower rate is important.

Which ways are you going to use to eliminate your credit card debt?