How to Get Out of Credit Card Debt in 10 Steps

How to Get Out of Credit Card Debt

Being in debt is a stressful experience.

It often takes years or decades to pay off debt, especially when dealing with high-interest credit card debt.

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

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1. Create a Realistic Budget

Creating a realistic budget is an important measure to manage your expenses and help you reduce your debt. It would help if you made 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, to easily and quickly get out of credit card debt, creating an effective and realistic budget is an effective measure.

2. Stop Using Your Credit Cards

People usually use credit cards to afford their lifestyle and unnecessary items, leading to 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 to get out of credit card debt is to stop using your cards. Paying down your balances isn’t effective in 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 daily intake. While making a budget, it is essential to focus on what you need and 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 to get the money we usually don’t invest in paying the debt, which 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 to eliminate 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 lying 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 than 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 craigslist and eBay 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 to quickly speed up getting out of credit card debt. You should find your extra hidden skills or talents, whether 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 the 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 Rate

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 pay your monthly bills on the allocated time. Your bank will appreciate you being a valued customer and work with you by reducing your interest rate.

Shaving off even only a point percent can help you save your hundreds when you pay off your debt. Therefore, a simple call and a polite and courteous request can help you negotiate 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 you earn can help you pay 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 daily to pay off your debt.

10. Track Your Progress

Instead of wasting time 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 to track your progress.

Seeing those balances get lower and lower will 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.