How do i pay off credit card debit?

Interest on credit card balances is calculated and compounded daily. To pay it off quickly, make your payment as early as you can in the billing cycle. Or make a partial payment early and send another payment later in the month.

Example: if you are going to pay $500 on your balance on the due date, the credit card company has been calculating interest on the entire balance. If you pay that $500 as soon as you receive the bill, you will reduce the balance that is accumulating interest a few weeks earlier. (it also keeps you out of late payment fees if you miss the due date) This can save a few dollars each month which will help you pay down your debt. Or pay $250 with each payday instead of one monthly check. They sooner they receive the money, the sooner it reduces your balance and potential interest.

You can also call your lenders and ask for better rates. Sometimes they will grant them, sometimes they won't but it never hurts to ask.

If you have more than one credit card with a balance, organize them by their interest rates. Pay the minimums on all but the one with the highest interest rate. Pay every single penny you can towards that high interest card until it is paid off. Then start paying that money plus the minimum you were already paying to the next highest interest card.

Be disciplined. Sit down and track all of your money. Are there any things you can do without so that you can apply that money to your debt? Can you do without movie channels? What about only eating out once a week and taking a sack lunch the rest of the days. Are you buying dvds and music? Are you spending money on new clothes you really don't need? Don't run the air conditioning unless you absolutely have to. Sell off anything you don't need. (Wherehouse.com will buy used cds and dvds. Half Price Books will buy used books.) Write a shopping list before you go to the store and only buy things on the list. Clip coupons. Carpool to save gas money. Go to the park instead of the movies. Go to the library instead of Barnes and Noble. Write a budget and stick to it. Cutting back sucks but so does paying interest to a credit card company.

Each month, look at your statement and see how much they charged you in interest. That's wasted money. Know that number and hate that number. Whenever you are tempted to make a purchase you don't really need, think of that number. Then go home and send your credit card company the money you were just about to spend on whatever it was you didn't need.