Check if your extra repayments will do the trick

After you do a budget take the figure you think you can spare to pay off your credit cards and put it into our credit card calculator. Then you’ll see how much quicker you’ll pay off your card and how much money you’ll save. Remember, even a small amount more will make a difference.

Follow through and deliver

Closely check your credit card statement every time it comes in and commit this money to it. You might need to set up a direct debit to make this happen. Following through with the promise you have made to yourself to pay off your card is critical.

Get a better deal

If you are paying high interest on your credit card you should shop around for a better deal or consider a balance transfer. Just make sure that the interest you’ll be paying after the honeymoon period is not higher than the interest you are currently paying or you might be back to square one. Find out more about honeymoon rates and balance transfers.

Build your wealth with your savings

Work out how you will use the money saved in credit card interest to invest in building your wealth this year. Find out how to increase your net worth.

For more tips on credit card debt find out how to pay off multiple credit cards or check out our credit card debt clock. This information has been obtained from: Money Smart by ASIC

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