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    How to Pay off Credit Card Debt in 2021, Step-by-Step
    How to Pay off Credit Card Debt in 2021, Step-by-Step

    Disclaimer: Penny Calling Penny is an affiliate website. This means that we get a small commission when you click some of the links in this article. Don’t worry – we’ll never recommend anything we wouldn’t use ourselves.

    If you’re drowning in credit card debt, you’re not alone. About 61% of Americans own a credit card, and nearly two-thirds of this population carry monthly balances within an average balance of $6,194According to statistics from

    While it’s more advisable to spend within your means, sometimes bills get out of control, whether from unexpected emergencies, medical bills, or overstocking on groceries due to quarantine. And paying off credit card debt isn’t a one size fits all approach. But here are some tried-and-true methods on how to pay off credit card debt quickly in 2023. So you can whittle down your balances to zero, get out of debt, and begin your journey to a debt-free life.

    Figure Out Exactly How Much You Owe?

    The first step on how to get out of debt is figuring out what you owe, which can be the most challenging part as, without this information, you won’t know where to begin.

    And keeping track of which of your credit cards has a balance or any unpaid loans? Or if you’re behind on any utility or medical can be an arduous task.

    Luckily, signing up with a free service like Credit Sesame 100% Free Credit Score & Credit Monitoring in two minutes will provide you a free debit analysis on your debt-carrying credit cards; also offers free monitoring on outlining your debt; unpaid bills, loans; indicating what and to whom you owe, and generate a free credit score without taking any quizzes.

    In addition, based on credit card report scores, the website offers free personalized recommendations on how to raise your credit score. It helped James Cooper, a motivational speaker, raise his credit score by 277 points following suggestions from the site.

    The good news is that with a tool like Credit Sesame 100% Free Credit Score & Credit Monitoring in your financial arsenal, you get a free accountability partner who can help pay more attention to your spending habits, track your progress and reward you with more financial tips in the long run.

    Let This Company Loan You Help

    After using credit, sesame to break down the bills and credits attached to your credit card and know your credit card score. What next?

    You might consider getting a low-interest debt consolidation loan to pay off credit card debt quickly, especially if you presently have little or no money to spare.

    You may wonder if debt consolidation is a good idea. Online marketplaces like Fiona will grant you prequalification for a personal loan without a hard pull on your credit and definitely without affecting your credit score.

    Fiona is an excellent financial matchmaker that can help match you with personalized loan offers from the top online lenders and enables you to compare rates quickly without visiting several sites within two minutes.

    Get a personalized lending option with a lower interest rate for debt consolidation. That lower rate can save you a chiliad of dollars in interest to refinance in the future. Repayment plans range from 24 to 84 months, with an expected bi-monthly payment from you saving you the stress of paying an unmanageable debt.

    With a minimum credit score of 620, you can borrow up to $100,000 (no collateral needed); and measure interest rates, which start at 4.99%; you can spend up to five to seven years paying it back, which means more time and money for you.

    So even if you’re anxious about qualifying, know, a great way to start is to check your credit score and rates on Fiona, which may end up saving you tons of dollars and a debt-filled life.

    You can also check out the best debt consolidation loan 2023 on

    Prioritize Your Bills

    Sometimes, looking at your debt in its wholeness can be discouraging, so we advise approaching it bit by bit. Another strategy is to prioritize which credit balance you want to pay off first.

    By breaking your debt down into workable mass, you’ll experience faster wins and stay motivated.

    One strategy uses the two approved methods to break down debt: avalanche and debt snowball methods.

    This debt avalanche method, also known as “debt stacking,” is a way of paying off debt that requires you to focus on your debt payments, taking care of each credit card one at a time. However, the key is to pay the debts with the highest interest rates first.

    Rank your credit cards by their interest rate, from highest to lowest.

    Rinse and repeat the process as many times as possible until all your credit cards have been paid off.

    Then again, there’s the debt snowball strategy. With this strategy, you take care of the lowest balances first. Of course, your cards with higher loan costs will wait. However, suppose you’re the type who desires immediate satisfaction. In that case, this may be intended for you because starting with the smallest gives you the advantage of experiencing wins faster than the avalanche method.

    As you find workable balances off your rundown, you’ll feel more motivated pushing ahead and taking care of the big stuff.

    What is Bankruptcy?

    The last resort permits you to completely discharge all your debts aside from student’s loans in four to a half years by exchanging your assets. A trustee accumulates and offers the entirety of your nonexempt debts.

    Those who earn a high income or have significant assets typically choose bankruptcy, which allows you to keep certain assets while still repaying some debts.

    The bankruptcy option has to be a last resort. It’s a long, arduous process, especially for those who earn a high income or have valuable assets; otherwise, its negative impact might have a long-term impact on your credit. But if you’re out of choices, bankruptcy might be a way to pay off your creditors.

    So if you feel behind on your monthly credit card payments; and you can’t pay off the capital you owe and are wondering how to pay off credit card debt in 2023, consider debt consolidation. Lend money at a lower interest rate, and use the loan to pay off the balances on your high-interest credit cards. Or make extra income from side gigs.

    Getting your credit score from these recommended platforms takes a minimum of five minutes tops, and you’re one step closer to paying off your debt!

    Why? The longer these high-interest-yielding debts sit, the more you’ll owe. Start by ranking your debt with the highest rates first, then work your way down that list.

    Snowball Method

    On the other hand, there’s the debt snowball method. With this method, you pay off the smallest balances first. Sure, your cards with higher interest rates will linger, but if you’re the type who craves immediate gratification, this might be for you.

    As you strike the smaller balances off your list, you’ll feel more accomplished and more confident moving forward and handling the big stuff.

    Why? The more extended these exorbitant interest-yielding obligations sit, the more you’ll owe. Start by positioning your obligation with the most elevated rates first, then, at that point, work your direction down that rundown.

    Then again, there’s the obligation snowball strategy. With this strategy, you take care of the littlest equilibriums first. Indeed, your cards with higher financing costs will wait, however, in case you’re the sort who needs immediate satisfaction, and this may be intended for you.

    As you find workable harmonies off your rundown, you’ll feel more cultivated and more confident, pushing ahead and taking care of the enormous stuff.

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    "You must gain control over your money or the lack of it will forever control you."

    Dave Ramsey

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