Pay off Credit Card DebtIf you’re like most people, the commitment to pay off a credit card is no small matter. Many people realize that they want to pay off their cards after a series of binge spending events, where their balances balloon in a matter of months. Others see their bank account slowly draining with each additional credit card payment.

The reality is that no matter when or why you decide to pay off a credit card, you probably want to do it as fast as you can. So here’s a few ways that you can greatly reduce the amount of time it takes to pay off your credit card:

1. Double up – Always try to add more to your minimum payments each month. Paying on time and in an amount greater than your minimum payment will greatly reduce the time it takes to take your balance back to zero.

2. Pay more often – Paying your bill more frequently – say, twice a month instead of once per month – will reduce the effect of compounding on your credit card balance.

3. Ask for a rate decrease – Credit card companies are known to reduce a customer’s interest rate upon request. This should only take a phone call and 10 minutes of your time, so do it immediately.

4. Use rewards cards – Rewards cards can help you add extra “oomph!” to your repayment efforts. By using a rewards card, you’ll collect very valuable points or cash back rewards that can be cashed in for a reduction in your credit card balance.

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