For most people, credit card debt is the most expensive type of borrowing you’ll ever have.
Aside from payday loans, credit cards usually carry the highest interest rates, with average APRs now sitting at over 24%.
That makes them a priority to pay off if you want to save money.
Easier said than done, of course. With the cost of living rising and wages struggling to keep up, it’s tough to stay on top of bills, never mind overpaying debts.
But here’s the hard truth: if you have credit card debt, it isn’t going anywhere. You’ll need to pay it off eventually, so you may as well take control now.
Below, I’ll share 4 actionable strategies anyone can use to clear credit cards faster, plus FAQs to help you avoid the most common pitfalls.
1. Prioritise one card at a time
If you owe on multiple cards, start by writing down:
- How much you owe on each card
- The APR (Annual Percentage Rate) for each
Two main approaches can help:
- Highest interest first (avalanche method): Focus extra payments on the card with the highest APR, while paying the minimum on the rest. This saves the most money overall.
- Largest balance first: If one card has the biggest chunk of debt, clearing it first may feel more achievable.
Either way, keep making at least the minimum monthly payment on every card to protect your credit score.
Want to see a different approach? Check out my post on the debt snowball method where you pay off the smallest balances first for motivation.
2. Pay more than the minimum
Minimum payments are designed to keep you in debt for longer. On a £2,000 balance at 24% APR, paying only the minimum could take over 20 years to clear and cost thousands in interest.
If you can, pay more than the minimum each month. Even £20–£50 extra makes a big difference over time:
- You’ll pay off the debt faster
- You’ll save money on interest
- You’ll build momentum instead of feeling stuck
If your budget’s tight, look at my guide on tips for saving money on a tight budget for ways to free up a little extra each month.
3. Curb your spending
Nobody likes hearing this, but paying off debt only works if you stop adding to it.
Take a hard look at your spending:
- Could you cut back on non-essentials for a few months?
- Would switching to cheaper supermarkets help reduce grocery bills? (See my 10 tips here)
- Are subscriptions silently draining your budget?
If you find it tough to resist temptation, consider:
- Setting a weekly “spending cap” in cash
- Cutting up physical cards (you can still keep the account open for your credit score)
- Removing saved card details from online shops
4. Consolidate your debt
Consolidating debts can simplify things and reduce interest if done wisely.
Options include:
- 0% balance transfer credit card: Move balances to a card with 0% interest for a set period (usually 18–30 months). You’ll pay a small transfer fee, but all payments go toward the debt, not interest.
- Personal loan: If you qualify, use it to pay off cards. You’ll then have one monthly payment and (hopefully) a lower interest rate.
Important: consolidation only works if you don’t build up more debt. If you’re tempted to spend again, this might not be the right strategy.
See my full guide: What is debt consolidation and how does it work?
Is paying off credit cards faster realistic?
Yes, but it requires a plan and persistence. The debt won’t disappear by itself, and credit card companies will keep charging interest until it’s cleared.
If you’re struggling to cope, don’t wait until it feels overwhelming.
Speak to Citizens Advice or a debt charity like StepChange. They can help with free, confidential advice and may even set up a debt management plan.
Paying off credit cards faster
I appreciate that the process is simple but the practicalities of finding more money each month to pay debt will be more difficult.
However, as I said earlier, the debt isn’t going anywhere. Credit card companies don’t forgive debt and will expect their money back.
Unless you’re in real trouble and get debt help from Citizens Advice or somewhere, the card will need to be paid and the debt settled.
Taking control and being proactive about it will save money and sleepless nights in the long run.
That makes it worth trying, right?
Pay off credit cards faster FAQs
1. Should I clear the highest balance or the highest interest card first?
It depends. Clearing the highest interest card first (avalanche method) saves the most money. But clearing the smallest balance first (snowball method) gives you a quick win and motivation. Both work so choose whichever you’re more likely to stick to.
2. Is it worth getting a 0% balance transfer card?
Yes, if you qualify. It gives you breathing space by pausing interest, but make sure you pay off as much as possible before the 0% period ends. Also check the transfer fee (usually 2–3%).
3. Will paying off credit cards improve my credit score?
Yes. Lower balances reduce your credit utilisation ratio, which is a big factor in your credit score. Consistently making payments on time also helps rebuild your profile. See my guide: What is credit utilisation and how can you improve it?.
4. Can I negotiate with credit card companies for lower payments?
Sometimes. If you’re in financial difficulty, contact your lender. They may offer a reduced repayment plan or freeze interest for a while. Just be aware this can show on your credit file.
5. What should I do if I can’t keep up with payments at all?
Don’t ignore it. Seek free advice from Citizens Advice, StepChange or National Debtline. They can help you explore options like debt management plans, Individual Voluntary Arrangements (IVAs), or in extreme cases, bankruptcy.
