If you have credit card debt then you may want to repay it. However, it is not always that easy to know how you will be able to manage this. However, there is a process that you will be able to follow that will make it easier for you.

Check What you Owe

To start with make sure that you are aware of how much you owe. It isn’t nice being reminded of the figure, but it is worth finding out so that you know exactly what you are dealing with. It can also help to deter you from spending on it.

Stop Using the Card

It can be wise to put the card away for a while and not to use it until it is paid off. You will find that it can be tempting to use it and it is best not to do so until everything is repaid. This means that you will not be tempted to start using it as you pay off some of the balance. You might start to think that it is okay to do this, but it could mean that you end up owing as much or more money than before.

Pay at Least the Minimum

It is worth making sure that you always repay at least the minimum that is expected. You will get a statement each month with information as to what you need to pay and it is really important to make sure that you pay the minimum amount stated. You will find that you can set up a direct debit to pay this automatically which can help. Try to set it up so that the money comes out just after you are paid, so that you know that you will have enough in there to cover it. You may be able to change the date if you already have one set up, just get in touch with the card issuer.

See if You Can Pay Extra

It is good to pay more than the minimum. When you see the statement it can often seem like you are only able to either pay the minimum or pay the full balance. However, this is not the case. You can pay off any amount you like and so you may be wise to change the payment so that it is a bit more than the minimum. The minimum tends to just cover the interest and a little bit of the balance so if you can pay even a few pounds more then you will start to reduce what you owe. It is worth noting though, that you can also add lump sum repayments at any time, so this is something that you might like to do as well. Cobra has some great guides on effective money management also if you’re looking for a way to lower your payments further.

Pay in Lump Sums of Money

If you do decide to pay in lump sums of money, then you will need to find that money to be able to pay it. There are different places that you might be able to find the money. For example, you may have some money in a savings account that you could use to pay it off. This might not feel like the right thing to do as you may worry that you need that money for emergencies. However, if you repay the credit card and no longer have that interest to pay, you will have extra money which you could save up in order to pop back into your savings account.

Of course, you may not have savings so will need alternative ways to make the money to repay the card. If you can cut down what you spend, then you may have more money available this way. So, check prices on what you are buying and make sure that you are not spending more than necessary. Also think about everything that you are buying to make sure that you really need it. If you can cut down in both of these areas, then you will be able to spend less and you can use that money to pay towards the credit card.