If you have high credit card balances in 2018, you need to prioritize paying them off and doing so in the swiftest possible time-frame. The reason why is really because credit card debt is now more expensive than it's lots of people in the past, and if that's not enough reason, here's a few more statistics to fuel your desire to get out of debt.

1. Total spinning debt in the united states as of February 2018, which is primarily composed of credit card debt, has reached $1. 030 trillion, according to the latest Federal Reserve statistics. This is an all-time high for our country.

2. Interest rates have increased twice already in 2018, and the CME FedWatch Tool suggests another rate walk is coming by the end of this month.

You're about to learn the six best ways to pay off high credit card debt 카드깡, but before we dive in, first let's look at the most costly option that you want to avoid.

The most Expensive Credit card Relief Option

The most expensive credit card relief option is when only paying minimum every-month payments. Never only minimum every-month payments on credit cards because you'll end up paying the maximum amount in interest. For example, if you have a Chase credit card balance for $15, 000 and your interest is 29%, when paying only minimum payments : you'll end up paying a total of $45, 408 in interest alone and it would take you over several years to pay off the balance.

1. Debt Snowball Method:

The debt snowball method of eliminating your credit card balances was estimated to be the most effective credit card debt relief option in 2018, according to new research published by the Harvard Business Review.

With the debt snowball method, you pay off the credit card with the lowest balance first. Instantly after that initial credit card balance gets paid in full, your available monthly cash-flow will increase. You will then use the extra funds to put towards eliminating the next smallest account. Once the second smallest account is paid in full, your available cash flow will increase even more and continue to grow, just like when going a snowball. Next, use all that more money to pay off the third smallest account.

This method prepares food by using psychological principles. When a person accomplishes an ambition, like eliminating that first credit card debt-the brain releases dopamine, and it feels good. And you want more of the particular good feeling, so you're motivated to continue eliminating each debt one by one. Before you know it, you'll start to see the light at the end of the tube and your momentum will be at its peak, and at this point : nothing's going to stop you!

2. Debt Increase Method

The debt increase method focusses on assaulted the account that's costing you the most money, which is the account with the highest interest. If you like math concepts and numbers, you'll most likely lean towards this route, as it makes the most sense from a technical viewpoint.

Technically speaking, this route will save you more money than the debt snowball method, if you can successfully stick to the plan.

There are many controversy surrounding the argument that route is more effective, the debt snowball or increase method. Understand both options and then based on your personality type, you can determine which route is best for your situation.

Some people should use a combination of these two options. You could begin off with the debt snowball method, quickly knocking off your smaller debts that have a balance of $1, 000 or less, and then switch to the debt increase method to pay off the remainder of your balances but in the most cost-efficient manner.

3. Balance Transfer Cards:

You can cut your interest rates on credit cards, by using a balance transfer card that has no interest for 12-18 months. If you can pay your balance in full on the balance transfer card during the introduction period when the interest is zero, you'll end up eliminating 100% of your interest and only having to pay the balance transfer card's up-front fee.

Make sure to keep your credit cards open after paying them off because when closing a credit card your credit scores go down.

There are straight up fees that have these cards, that range from 3%-5% of the balance.

Shop around for a balance transfer card that is included with:

· low up-front fees

· an 18-month initial rate

· a zero percent interest

4. Home Money Personal credit line:

A home money personal credit line can be used to pay off high-interest credit card debt, saving you thousands of dollars in interest. Home money lines of credit come with lower interest rates than any other type of bank loan. BankRate. com estimates that the average interest on a home money personal credit line is only 5%.

The downside is that you're switching your unsecured debt to a secured debt, and this can be dangerous because if for reasons uknown you default on payments, you could lose your house over a credit card debt.

5. Get your Creditor to reduce the interest Rate

Don't overlook this next method, due to how simple it is. Sometimes, the straightforward things in life are most overlooked.

Call up your creditor and enquire for a examiner. Remind them of how many years you've been their client and how perfect your payment history has been of these years. Now express to them that you're upset that they're charging you such a high-interest rate, and illustrate an offer that another bank is giving you. If your credit score had increased from what it was when you sent applications for that credit card, also mention that.

Do some research and find a credit card company that's offering a lower rate, and you can then use them as leverage.

Example: "Capital One is offering me a credit card with an 8% interest and 1% more than what you're offering in cash-back. Could you please reduce my interest so that I can stick to your bank? Also, you'll notice my credit score had increased from what it was when i first sent applications for a card with your bank two years ago. inches.