{"id":2829,"date":"2021-12-18T18:46:21","date_gmt":"2021-12-18T18:46:21","guid":{"rendered":"https:\/\/polamfcu.com\/?p=2829"},"modified":"2021-12-18T18:46:21","modified_gmt":"2021-12-18T18:46:21","slug":"3-tips-on-paying-down-credit-card-debt-faster","status":"publish","type":"post","link":"https:\/\/polamfcu.com\/pl\/blog\/3-tips-on-paying-down-credit-card-debt-faster\/","title":{"rendered":"3 Tips on Paying Down Credit Card Debt Faster"},"content":{"rendered":"<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-3811 img-responsive\" src=\"https:\/\/polamfcu.com\/wp-content\/uploads\/2018\/12\/3-Tips-on-Paying-Down-Credit-Card-Debt-Faster-1.jpg\" alt=\"\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>For anyone who\u2019s ever had a credit card, especially more than one credit card, we all know that making monthly payments can feel like a futile operation. However, it certainly isn\u2019t, as making (at the very least) minimum on-time monthly payments is incredibly important when it comes to maintaining or improving your credit score, even if it just feels like you\u2019re chipping away at it. Owning a credit card can be highly beneficial, as you\u2019re able to borrow and make payments each month on what you borrow; if you to make an emergency purchase, for instance, and don\u2019t have funds on hand when you need them, that\u2019s where a credit card can help you best. However, the importance of making those on-time payments can\u2019t be stressed enough.<\/p>\n<p>&nbsp;<\/p>\n<p>If you\u2019re looking to get out of any credit card hole, be it big or small, here are some tips to pay off your credit card faster without breaking the bank.<\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li><strong>Work on paying down the card with the highest interest rate first. <\/strong>If you\u2019ve got more than one credit card open other than <a href=\"https:\/\/polamfcu.com\/personal\/visa-debit-cards\/\">Polam\u2019s VISA credit card<\/a>, check their varying interest rates. Once you\u2019ve found the card with the most interest due, start working on paying it off first. By doing this, you\u2019re paying off the highest amount of interest that is relative to the card\u2019s balance. This is much like making higher-than-minimum payments on a card, as you are helping stop the interest from accruing and raising that card\u2019s balance entirely.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li><strong>Pay more than just the minimum monthly payment. <\/strong>This is certainly one of the most common pieces of advice given to any credit card holder. Making minimum payments ensures that your account will be healthy, but if you can afford it, move past doing just the bare minimum with your account and try doubling your monthly payments, to start. While making the minimum payments seem like the easy route, it can actually develop more interest the longer it takes to pay off your card. Take a look at your budget and adjust it by calculating how much money you\u2019ll have at the end of the month, and then see how that extra money can be used toward those larger monthly payments.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li><strong>If you have more than one card, pay off the one with the lowest balance. <\/strong>Again, if you have an additional credit card on top of Polam\u2019s VISA credit card, another way of paying off your debt faster is to find the account with the lowest balance and pay it off first. This way you can avoid gaining further interest on that account, and it can feel like a \u201csmall victory\u201d on your way to getting out of debt.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; For anyone who\u2019s ever had a credit card, especially more than one credit card, we all know that making monthly payments can feel like a futile operation. However, it certainly isn\u2019t, as making (at the very least) minimum on-time monthly payments is incredibly important when it comes to maintaining or improving your credit score, &#8230; <\/p>\n<div class=\"read-more-box\"><a class=\"btn\" \n href=\"https:\/\/polamfcu.com\/pl\/blog\/3-tips-on-paying-down-credit-card-debt-faster\/\">Continue reading<\/a><\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-2829","post","type-post","status-publish","format-standard","hentry","category-blog"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>3 Tips on Paying Down Credit Card Debt Faster - Polam Federal Credit Union<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/polamfcu.com\/blog\/3-tips-on-paying-down-credit-card-debt-faster\/\" \/>\n<meta property=\"og:locale\" content=\"pl_PL\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"3 Tips on Paying Down Credit Card Debt Faster - Polam Federal Credit Union\" \/>\n<meta property=\"og:description\" content=\"&nbsp; For anyone who\u2019s ever had a credit card, especially more than one credit card, we all know that making monthly payments can feel like a futile operation. However, it certainly isn\u2019t, as making (at the very least) minimum on-time monthly payments is incredibly important when it comes to maintaining or improving your credit score, ... 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