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4 Tips to Pay of Credit Card Debt

You’ve got a balance on a high interest credit card and it’s costing you big—in dollars and peace of mind. How you got there and how you can avoid getting there again, is a topic for another post (here’s to check out). For now, let’s focus on getting out from under.

Step 1: Face the facts.

Do you know how much it’s costing you to carry a balance on this card? Or do you just live with a vague, “this has got to be bad” pit in your stomach? Some companies have a section on their statement that tells you exactly what you’re paying in interest and how long it would take to pay off your current balance if you only make your minimum payment.

Step 2: Investigate a balance transfer.

Ever gotten an offer inviting you to transfer your outstanding balance to a new card at an amazing low rate? It could save you money, but do your homework first.Here are a few things to be aware of:
  • A balance transfer doesn’t mean you’ve really paid off your outstanding balance. It just means you’re switching it to a new company at a lower rate. This should save you money, but might not when you consider the other items on this list.
  • You might have to pay a fee to transfer the balance. 
  • You might be paying more in interest than you realize. If you’re making partial payments, and portions of your balance are at different interest rates, you probably don’t have any control over which part of your balance you’re paying off. Don’t assume you’re paying down the part of your balance that’s at the highest interest rate first—find out!
Need help finding the credit card that’s right for you? Check out these from Summit.

Step 3: Use automatic payments to eliminate your balance.

Don’t depend on good intentions to cut your balance: plan for it! Figure out how much you can afford to pay off each month and set up automatic payments. Making that payment may require some sacrifices, but you’re going to feel a whole lot better when do.

Step 4: Set your payment as a goal in Climbr®.

Summit's is a great way to monitor and reinforce your good financial habits.You’re ready to make that balance disappear and Summit is ! You might also be interested in Is “your baby” about to leave home? Whether that has you mooning over their old first day of school photos or plotting how to repurpose their bedroom (or... Each generation comes with its own unique challenges. For millennials, this often means a lower degree of financial literacy. Finances can be daunting... Here are some tips on how to prioritize your debts and bills, negotiate with creditors and get your late payments back on solid ground... Strengthen your credit and learn about the new changes happening to your score. Here’s everything you need to know... Sometimes having a little extra cash is the only thing between you and your dreams. Check out these financial tips to be smart about borrowing money and... With so many credit card options out there, it can be difficult to choose one that's right for your finances. Here are the do's & don'ts of credit cards... Did you resolve to make this the year you took charge of your finances?  It’s crazy to think that the year is almost halfway over, but, hey, it is! Which... Is a high interest rate credit card keeping you from owning your money? Cut your balance with our four-step plan... We’re excited to announce the launch of our new Summit Global Good Card®! The Visa credit card marks our new partnership with the World Council of Credit...
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