- 1). Review your credit card statement to find the current APR on your card. Check any other credit cards you own to see if they have lower interest rates. If you have a card with an even lower interest rate available, you can save money by transferring your balances to that card.
- 2). Check the minimum payment due, but try to pay much more than that if you can. Doubling the minimum payment pays off the balance much faster; if you can pay even more than that, you might be able to retire the debt within a few months.
- 3). Watch any new spending on the card. A low interest rate isn't a license to spend freely. A lower interest rate can help you get a handle on your high balance and pay it down over time. But if you continue to add new charges to the card that you can't pay in full, you could still fall further and further behind, even with a low interest rate.
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