If you have a credit card, then you will have a certain credit limit. You will be able to spend a certain amount of money on the card without having to actually repay it. The credit card issuer will then send you a statement each month and will tell you how much you have spent on the card and how when it needs to be repaid by. They will also let you know how much interest you will be charged if you do not repay it and you will still have to pay a small amount which will cover the interest payments and a small amount of the outstanding balance. Unfortunately, if you only repay this amount it can take years to repay the credit card and you will pay out a lot of money in interest. If you continue using the card, you may end up not repaying it at all. You will therefore be much better off coming u with a better plan to repay the card so that you repay it more quickly.
Stop Using the Card
it is wise to stop using the card so that you do not keep adding to the debt. It can be so tempting to use it, especially if you have paid a bit off so you can see that there is money available for you to use again. It is therefore wise to put the card away somewhere so that you cannot use it. You can even ask the card issuer to put a hold on the card so that it cannot be used and this could be particularly useful for those people that know their card number off by heart or have it programmed in to certain ecommerce sites so they can use it even if it is out of sight or cut up.
Pay More than the Minimum
If you want to start making a decent indent into the debt each month then you will need to repay more than the minimum amount. It can therefore be worth setting up a direct debit that will pay a but more than necessary. Even if this is just a tenner extra, it will mean that the card is repaid more quickly and that you will end up paying less interest. Of course, the more you can pay, the better, but just starting off with a small amount is worth it. Make sure it is a manageable amount and then you will be able to commit to paying it and know that you will also be able to manage everything else that you need to buy as well.
Find Additional Ways to Top it Up
It is a good idea to see whether you can find other ways to pay more money off the card. You will be able to pay lump sums of money against the balance that you owe and so it is worth trying to get some and whittle down the amount that you owe. It might be easier to do this than you think. It will be a case of either finding some ways to earn a bit more money or spending less or both. So, there are lots of possibilities if things that you could try. The easiest is probably to compare prices on things that you buy and make sure that you are not paying too much. If you reduce the amount that you are paying for things it means that you will be able to spend less and use that money towards paying off the credit card. It could also be wise to think about the items that you are buying and whether you really need them. It is a good idea to question yourself when you are about to buy something and think about whether it is really necessary. This could help you to buy less, spend less and have more money available for repaying the card. Earning more could also help you, so think about whether you can do some freelance work, temp work, sell thing you do not need or things like this to get some more money.