7 Quick Tips to Manage and Pay Off Your Credit Card Debts

Posted by under Personal Finance . Published: March 22, 2018

The overspending you did during the holidays can now be felt in your credit card bills. My friend claims she can now see on her statement the deferred payment and installment purchases she did, and is now worried for her budget.

If you’re also struggling with paying off your credit card debts, then here are some quick tips that might help.

1. Know your numbers.

What are these numbers? First, how much debt do you exactly have. Second, how much is the minimum amount due for each credit card you have. Third, how much is your actual take-home income. And lastly, how much is your necessary expenses each month.

Knowing these four numbers, you can now strategies on how to pay off your debts. One effective strategy is the Debt Snowball Method.

2. Stop incurring more debts.

Stop using your credit cards. Take it out of your wallet or purse and leave it at home. This way, you eliminate the temptation of any unplanned, impulse purchases when you’re at the mall.

Moreover, doing a balance transfer of your debts to another credit card is usually NOT a good idea because you’ll end up paying more interests.

A good reason to do this is if it will make your monthly dues lower and thus, easier to pay. But more often than not, it doesn’t. And the only benefit you gained is the convenience of having just one monthly bill to take care of.

If you’re doing the Debt Snowball Method, then consolidating all your credit card balances to just one card actually becomes unnecessary.

3. Motivate yourself with a visual aid.

Write down how much you owe on a piece of paper and pin it beside your mirror; or somewhere you can see every day. At the end of each month, update the number on the paper.

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When you see your debt amount slowly going down each month, the motivation to bring it down to zero becomes stronger with each month that passes.

4. Minimize expenses AND earn more income.

Eliminate unnecessary expenses. This is honestly, the easiest way to have extra money to pay off your debts. Be aware of every spending and save as much as you can.

After cutting costs, it’s now time for you to make more money. The simplest way is to buy and sell stuff. You can also do freelance work, both online and offline.

5. Sell things you own.

It can be hard to sell some of the stuff we have, but it’s better to lose them than to be stressed with having a lot of debts. You can always buy them again once your finances are better.

Moreover, don’t pawn your jewelries, art collection, car, or real estate properties. Instead, you should sell them. Again, it’s better to lose material stuff than to lose your good health due to worry and stress.

6. Save money while you’re paying your debts.

Mathematically, it doesn’t make sense. Of course, every bit of cash you have should be set on paying your debts. However, it is more practical to allot a portion of it towards savings.

By building your savings while paying off debts, you’ll have an emergency fund when a sudden expense comes. Also, to see both your savings go up and debts go down gives a better sense of fulfillment than just seeing your debts get paid.

7. A lot of the best things are free.

Personal relationships bring the most joy in our life. During this time when you’re struggling to pay your debts, talk to the people in your life – bond with your family and nurture your friendships. It will help a lot.

Remember that you’re not the first and the only person in this world who struggled with credit card debts. There’s a lot of us, me included. And many of us survived and became financially free. In time, you will too.

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One Response to “7 Quick Tips to Manage and Pay Off Your Credit Card Debts”


  1. I think the best way to work off your debts is to just make more income. Too many people focus on saving money, but there’s only so much that you can save. On the other hand you can grow your income exponentially if you start a business or invest.

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