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11 Simple Ways Someone Can Dig Their Way Out Of Credit Card Debt Fast Without Going Insane
Credit card debt can so often seem like a hole people can’t dig their way out of and that’s the way the credit card companies like it. Interest charges every month make it almost impossible to make a real dent in how much someone owes when they are only paying off a little bit at a time.
Many personal finance experts point out that someone will end up paying double their credit card balance because of interest over time if they only make the minimum payment each month. Yikes is right.
Before you have a heart attack thinking about this, take a deep breath because we have some proven ideas for how to pay down credit card debt faster. Even just doing a few of these things will make a big difference.
1. Pay Off Credit Card Debt Without Doing Anything
It’s 2019 and most people are still unaware that there are lots of great resources available to help pay off credit card debt. We recently discovered one worth trying: Digit. It’s an app which claims to have saved their users over $1 billion and promises to automatically pay off your debt. That all sounds pretty great, so we decided to check it out.
Digit will pay off your credit card debt
Digit pays off credit card balances by automatically moving money from a linked checking account to pay down the debt. It does this by analyzing your income and expenses to ensure you can afford to move the money and that you won’t miss it.
$1 billion saved (and counting)
Digit’s CEO, Ethan Bloch, told TechCrunch that the app has helped people save over $1 billion so far. That’s a ringing endorsement for people who feel daunted by their credit card balances or are stuck in a pattern of paying off the minimum amount due each month.
It’s honestly one of the best ways to get out of the vicious debt cycle once and for all.
Here’s how to get started
- First, sign-up for Digit here. (your first 30 days of Digit are free)
- When you’re asked about your financial goals, set the “credit card debt” goal.
- Watch your credit card balance magically shrink as Digit works silently in the background to pay off your debt.
Want to give it a shot? Then head over to Digit to sign-up for free and start paying off your debt today.
2. See How Much Debt Consolidation Could Save You
Debt consolidation isn’t as complex as it sounds. All you’re doing is borrowing money at a low-interest rate and using it to pay off high-interest debt. That means your monthly interest repayments go down and there’s only one bill to pay each month. Simple but effective!
If you want to see your how much debt consolidation could save you, check out Fiona. Fiona lets you search all the top online consolidation and refinancing options for free. You can sign up in three simple steps. The best part? It is completely free to use. No gimmicks, no hidden fees.
The loans offered are between $1,000 and $100,000, lasting between 24 and 84 months. Rates start at 4.99% and people with a credit score of 660 or above get much better rates.
3. Figure Out Where You Are Wasting Money
Paying off a credit card aggressively means really examining what you are spending money on and cutting back. Like most people, you are probably wasting money without even realizing it on subscriptions that are automatically billed to a credit card. Time to cut them out to have extra money to pay off that credit card bill.
Sign-up for Truebill and the app will analyze what you are spending money on, flagging all the subscriptions you are paying for to allow you to automatically cancel what you don’t want right on their easy to use app.
Do you really want to keep paying for that digital subscription you never log into? Yeah, we didn’t think so.
Never pay for an unnecessary subscription again with Truebill! That’s money that can go towards a credit card bill easily.
4. Check Your Credit Score Isn’t Costing You Money
From higher interest rates on loans to being unable to rent an apartment, a bad credit score can end up costing you a lot.
Want to find out your credit score so you can figure out if it is costing you money? Sign-up for Credit Sesame and find out your credit score immediately. It only takes 30 seconds. Credit Sesame will start monitoring your credit score for you so there are no more surprises. It is 100% free to join so you have nothing to lose.
Sign-up for Credit Sesame today and stop letting your credit score cost you money every month.
5. Cut Your Grocery Bill In Half Just Like That
To come up with more money to put towards a credit card people have to attack their basic expenses, and there is no more basic expense than groceries (hey, we all have to eat).
One of our favorite hacks for saving money on groceries is Ibotta. It’s kind of like couponing without the hard work and you can save money on the products you are already buying regularly. People swear by using this app for a good reason.
Some offers we found:
- $2 back on Advil
- $2 back on Pampers
- $1 back on Icelandic yogurt
- $1 back on Cheerios
- $7 back on Budweiser
Simply sign-up for Ibotta and then find the offers on the products you want. Then just go to the store and buy them, making sure to save your receipt. That’s when you’re going to want to scan your receipt with the Ibotta app so you can get cash back within 48 hours.
When you start saving big it’s important sock away the savings to pay down a credit card debt.
Sign-up for Ibotta today! It’s savings that can easily be put towards a credit card.
6. Consider Refinancing Or Consolidating Your Debt
The first thing you need to do to get out of debt is to understand the different ways of doing it. We’ve found that consolidating debt to get a lower interest rate is often the best choice for people. The less money you pay in interest, the better.
People often recommended a site called Credible to us to easily check out what interest rates you might be eligible for. You just enter the amount of debt that you wanted to consolidate and was easily find a company that will allow you to consolidate debt under a much lower interest rate.
It might seem counter intuitive to get a personal loan to cover credit card debt, but some people are able to get a much lower interest rate by doing this, and are thus able to save big on their monthly payments, as well as over time on interest payments.
7. Cut Back On This Monthly Household Expense Immediately
Who out there hasn’t gotten their electricity bill in the mail and wondered why it is just so expensive? Tip: You can actually save the planet and save on your utility bill at the same time.
We have a little hack to do just that: Arcadia Power.
Connect your utility account to the Arcadia platform, and Arcadia does the hard work for you to make sure your electricity is coming from renewable energy sources.
The best part about signing up for Arcadia Power, though, is that you’ll end up saving money by sourcing your home’s energy from wind and solar.
In states with electricity choice, people using Arcadia Power save 17% on average on their utility bill. That’s savings that could be used immediately to pay down credit card debts.
Sign up for Arcadia power and have more money each month to put towards a credit card!
8. Remember: Every Extra Dollar Counts
It’s so important for people to look for little ways to make extra money when they are paying down debts. Taking paid surveys online or doing market research doesn’t pay a fortune but you can do this stuff while you are hanging out at home and watching TV.
Here are a few of our favorite ways to make money this way:
- Swagbucks: This site will pay you to watch videos, play games, take surveys and more. Sound ridiculously easy? That’s because it really is. Given they’ve paid out over $335 million to members and all new members get a $10 instant signup bonus, there’s really no reason not to give it a shot. Sign up today (it’s 100% free) to get in on this.
- Inbox Dollars: This is a market research company that’ll pay you top dollar for every survey you complete and they let you cash out quickly. If you need money right now, taking three surveys with InboxDollars is the quickest way. Sign up here to get a $5 instant signup bonus.
- Survey Junkie: They have tons of high paying surveys available from recognizable household names. Best of all, the cash out threshold is just $10 (1,000 points) so it’s easy to always have money coming in quickly. Join Survey Junkie here.
9. Wasting $329 A Year On Bank Fees?
The last thing anyone wants to be doing is wasting money on bank fees when they could be putting that money towards paying off a credit card.
To say good-bye to paying bank fees you need to try out Chime the mobile bank which guarantees it will never charge its customers a single fee. Say good-bye to overdraft fees, minimum balance fees, service fees, foreign transaction fees, and transfer fees forever when you move to Chime. All of that stuff adds up.
Another huge benefit of Chime is that it allows you to receive your paycheck a full two days early. For those times when you are in need of extra money in a pinch those two days can make all the difference.
Open a Chime account and save up to $329 a year. That’s money that could instantly go to a credit card debt.
10. Consider A High Paying Side Hustle
Anyone who has paid off a massive chunk of debt will tell you that a high paying side hustle is one of the best ways to get debt free quickly.
Here are a few of our favorites (all really easy to get started with):
- Instacart: This on-demand delivery service, has job opportunities that are easy to start in almost immediately. As a “Full Service Shopper” select your own hours and shop and deliver orders for customers (you need a car to be able to do this). As an “In Store Shopper” you are assigned a shift to shop for orders in a single store (you don’t need a car for this). Shoppers can earn up to $28 an hour according to testimonials.
- Airbnb: If you have a spare room in your house you are definitely going to want to look into becoming an Airbnb host. According to Priceonomics, hosts on Airbnb are earning more than anyone else in the gig economy and make an average of $924 a month. Just think of how quickly a debt would disappear with that chunk of change coming in.
11. Save Hundreds Of Dollars On Car Insurance
A personal finance hack that most people don’t know is what a huge benefit there is to changing car insurance every 12-months. Car insurance is a competitive industry and companies are fighting for your business. That means more money in the bank for you. And more money to put towards a credit card debt.
Here’s where to get started making the switch:
- Gabi: Gabi shops for the best car insurance deals for you – helping customers save $720 per year on average. All you need to do is connect your existing insurance policy and provide your driver’s license number. In minutes, you’ll get different options that you can switch to.
- Metromile: Most people don’t know this, but some insurance companies offer discounts to drivers who don’t put a lot of miles on their cars. These low mileage discounts can also apply to drivers who carpool to work. Metromile is perfect for low mileage drivers who want to get a major discount paying for insurance per mile.
Bonus. Make Money When You’re Bored On Your Phone
Again, every little bit counts when you are trying to come up with money to pay down a credit card. Here are a few of our favorite ways to make money right on your phone:
- Mistplay: Getting paid to play mobile games sounds like a dream for most people. Mistplay is a game platform app which lets you earn rewards for playing new games. Those points can be redeemed for awesome gift cards from Amazon, VISA, Google and more. Just download the app, choose a free game from your “mixlist” and start earning units. The more you play, the more you earn. It’s a simple idea that can result in a big payday for mobile game lovers.
- S’more: How does getting paid for doing absolutely no work sound? S’more (download for Android) is a new app that pays you to put ads on the lock screen of your mobile phone. You don’t even have to tap on those ads, just let S’more display the ads on your lock-screen to earn rewards. Redeem your points for gift cards from Amazon, AMC, Starbucks, etc. It’s super easy money.
- Long Game: Long Game is a savings app, but it also lets users earn points which are used to play lottery style games (think spin the wheel and Powerball). Rewards for the games even include cold-hard cash (up to $1,000,000). And did we mention that users also get .1% interest on their savings account? You’ll even get 300 free bonus Coins plus up to 3,000 free bonus Coins when you make your first deposit. Sign up for Long Game here.
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