Although less than half of credit card holders have outstanding debt on their credit cards, many of those that do would like to pay it off. It can seem very daunting to start paying it off, especially if the debt has built up to a large amount. However, there are ways that it can be paid off and it does not have to be that difficult.
The first thing to notice is that each month you will only have to pay back a minimum amount. This amount tends to be the amount of interest and possibly not even any of the outstanding balance. Therefore it could mean that you will never pay off any of the actual debt. If you can pay back a bit more than that minimum, even if it is just a little more, then you will start to reduce the debt and this should be a big help towards paying off the debt. You should be able to easily change the direct debit so that it is a higher amount.
However, just paying a little bit extra will still not repay the debt very quickly. It can be worth trying to think of ways that you can pay off chunks of it so that you can completely repay it as quickly as possible. The first place to look is your savings account. If you have any savings, then it is unlikely that they will be earning more money in interest than you will be paying on the credit card. If they are earning less interest then it makes sense to use them to pay off the card. You may want them as an emergency fund, but you have your credit card for that or you may be saving up for something. If you are then you need to decide whether the debt or the item you are saving for is more important.
It is also good to take a look at your monthly incomings and outgoings. If there is a difference and you have some spare money, you can use this to pay off some of the debt. You may need to make some changes though so that you have more spare cash to be able to do this. This does take self-discipline and it is wise to make sure that you keep reminding yourself that it will not always have to be like this but think about how good it will be once the debt has been paid off.
There may be some things that you can do to increase the amount of spare money that you have without having to make any major changes. For example, you could swap utility companies, service providers, banks or retailers. Once you have done the initial research and identified who you need to swap to and made the change you will notice no difference but be paying less and therefore have some extra money. You could also see if you can negotiate a pay rise so that you get a higher income without having to work any extra hours.
You may have to make some changes to your lifestyle though, if the above is not possible or if it does not make a significant difference. It may be that you will need to start analysing your spending so that you know exactly what you are buying. Then you can think about whether all of your purchases are necessary and whether you can go without some things. It may be that you buy quite a few luxury items or things that are not necessary and that you can cut down on these sorts of purchases so that you have extra money to repay the credit card. You could also consider earning more money. It may be that you can work more hours, do some freelance work, start a business or do a second job. There are lots of ways to earn extra money and it is just a case of finding one that suits you and fits around your lifestyle.
So it can take quite a commitment to pay off a credit card particularly if you have a lot of outstanding debt. However, if you keep the right frame of mind and remember what you are aiming towards, you should be able to use a combination of techniques to pay if off. Make larger monthly payments, use your savings, spend less and earn more so that you have the funds to be able to pay it back.