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2. Make more frequent payments. You can reduce the interest you pay on credit card debt by making multiple payments on your balance each month. Taking this step reduces your average daily balance ...
For example, if you transfer $6,000 in credit card debt to a card offering 0% intro APR for 18 months, you could pay off the full amount by making $333 monthly payments with no added interest charges.
However, a combination of these seven payoff strategies can reduce your debt, lower your credit card APR and put you on the right track toward becoming debt free. 1. Try the avalanche method
Review each card's outstanding balance, interest rate, and payment due dates. ... May temporarily lower your credit score. Need to qualify for a new loan. Option 2: Individual Card Payments.
Having multiple credit cards is good for your credit score, so consider keeping your high-interest account open while you look for a new card with lower interest or better credit card rewards ...
This won't take your credit card interest to zero, but getting a lower APR can help you save money on interest -- and pay off credit card debt faster. 3. Pay off higher-interest cards first