How to Get Out of Credit Card Debt by Using Credit Cards

Managing multiple credit cards can seem like a delicate balancing act, but if you play your cards right it can get you out of debt. Learn how to get out of credit debt with balance transfer cards.

Starting our financial lives around age 18, we don't always have the financial education we should. You may have racked up quite a bit of credit card debt on multiple cards, or built a large balance on just one card. Either way, there are methods of using credit cards to help you overcome this debt and give you a fresh start.

Balance Transfers

The first way we can use credit cards to eliminate credit card debt is to use balance transfers. This will allow you to transfer the balance of multiple cards all to one card. This will give you an opportunity to make one payment a month on all of those balances.

The key to this strategy is to use your lowest APR card so that you minimize the interest while paying down the balance. You have to be careful about making sure you have enough room to transfer these balances in as well. Once the transfers are done, you are well on your way to clearing the debt with just a single payment.

Remember that even after you have transferred the balances of these cards to one card, you still need to make a payment larger than the minimum to get the most benefit. The speed at which we pay off the cards is directly tied to how much we pay. Now that the interest rate is lower, you can focus on paying that principal down.

Use The Offers You Are Given

The second method of using credit cards to pay off your credit card debt, is to use the lowest APR offers that you are given to transfer the balances onto a new card. For example, some credit card companies will send you an offer as low as 0% for a certain time period. Take advantage of this offer by transferring the balance of your existing cards to this card.

Once the transfers are complete, you'll not only have just one payment, but an APR as low as 0% for sometimes up to 18 months. This gives you a lot of time to pay your debt down and make extra payments towards the balance. Don't hesitate to use these offers and take control of your credit.

Once you have started making payments on the low balance card, try to pay off the entire balance before the introductory offer ends. Sometimes, credit card companies will charge all of the accrued interest that was built up over that time. Focus on paying way more than the minimum that you are offered to pay.

Stay On Top Of Your Balances

No matter which method you use to pay your credit card debt down, the key is to use other credit cards to accomplish this feat. Credit cards are great tools that give us way more flexibility and power in our financial lives. Even though you have racked up a significant amount of debt, you can always find a clever way to help pay it down.

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Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.