How do I pay off credit card debt?

Depending on your financial situation, you need to pay off as much of your credit card balance as possible each month. In this article, we share several tips to help you pay off your credit card debts.

How can I clear a credit debt as quickly as possible?

To clear credit card debt quickly, you need to eliminate unnecessary spending so you can put as much money as possible toward paying off the debt. You can use one of the best-known methods, such as the avalanche method or the snowball method.

How do you pay your debts when you have no money?

You can reduce your expenses or increase your income. For example, work overtime or get a second job. Depending on the nature of your debts, your debt-to-income ratio and your ability to pay, other options are possible. Contact your financial institution or a trustee in bankruptcy to find out more.

Vincent Morin

My name is Vincent and I've been a stay-at-home parent to two young boys since achieving financial independence in 2021 (FIRE). Previously, I worked for 12 years in financial technology for a major US investment bank (G-SIB). I'm passionate about personal finance, stock market investing, reading, writing, cycling and gardening. I'm also the founder of Retraite 101, a personal finance blog followed by over 20,000 people on social networks and quoted in several media, blogs and finance books. Despite early retirement, I continue to write about personal finance to share my passion with Quebecers and motivate them to take charge of their finances.

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