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This strategy can help you pay off your credit card debt even if you can’t make more money or decrease your spending. The idea is based on the principle of velocity banking which is about using a revolving line of credit (like a credit card) as your primary account. This decreases the interest you pay on that account while maximizing your monthly payment. If you employ this technique to paying off your credit card debt, you can be out of debt in less than three years. If you just pay the minimum payment on your credit card, you could take you between 14 and 23 years to pay off your debt. If you are uncomfortable with using your credit card for everything, another method is to consolidate your credit card debt into an installment loan. This forces a regular payment that helps you get out of debt faster than if you just pay the minimum payment on your credit card.

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Jonathan Walker