Credit card debt can be a significant financial burden, with high-interest rates and fees quickly adding up.
If you find yourself struggling with credit card debt, you may feel overwhelmed and unsure of how to begin paying it off.
Fortunately, there are steps you can take to eliminate your credit card debt and regain control of your finances. Here are five ways to eliminate credit card debt in 90 days.
Create a budget
The first step to paying off your credit card debt is to create a budget.
Start by listing all your income sources and expenses, including your credit card payments. Determine how much money you have left over each month after paying for essentials like housing, utilities, and food.
Use this amount to make a plan for paying off your credit card debt.
Use the debt snowball method
The debt snowball method is a popular debt repayment strategy that involves paying off your smallest debts first and then moving on to larger debts.
This approach can be highly effective in helping you build momentum and stay motivated as you pay off your credit card debt. Start by making minimum payments on all your credit cards except for the one with the smallest balance.
Put as much money as you can toward paying off this card, and once it’s paid off, move on to the card with the next smallest balance.
Negotiate your interest rate
Credit card companies are often willing to negotiate a lower interest rate if you ask. Call your credit card company and explain that you’re struggling to pay off your debt.
Ask if they can lower your interest rate to make it easier for you to pay off your balance. If they’re unwilling to do so, consider transferring your balance to a card with a lower interest rate.
Raise quick cash
Selling unused items around your home can be an excellent way to generate extra cash to put toward your credit card debt.
Consider hosting a garage sale, selling items online, or taking items to a consignment store. Be sure to put all the money you earn toward paying off your credit card debt.
Cutting back on expenses is another effective way to free up money to put toward your credit card debt.
Look for ways to save money on essentials like groceries, utilities, and transportation. Consider eating out less, canceling subscriptions you don’t use, and finding free or low-cost activities to do in your free time.