--- title: Reduce Credit Card Debt FAST in 3 Easy Steps description: "Paying the minimum amount due is the most expensive way to pay off your credit card debt, adding hundreds or thousands of dollars in debt over the years it will take to pay off your balance. Luckily, you can save money by using this 3 step \"consistent payment method\" plan to pay it off fast." image: https://go.hfcu.org/hubfs/Credit-Card-Debt.jpg --- [![MoneyWisdom_HFCU_r2](https://go.hfcu.org/hs-fs/hubfs/MoneyWisdom_HFCU_r2.png?width=464&name=MoneyWisdom_HFCU_r2.png "MoneyWisdom_HFCU_r2")](https://go.hfcu.org/blog) Filter by Category** - [Show All](https://go.hfcu.org/blog) - [Security](https://go.hfcu.org/blog/topic/security) - [Personal Finance](https://go.hfcu.org/blog/topic/personal-finance) - [Auto](https://go.hfcu.org/blog/topic/auto) - [Business](https://go.hfcu.org/blog/topic/business) - [Credit Score](https://go.hfcu.org/blog/topic/credit-score) - [Home](https://go.hfcu.org/blog/topic/home) - [Credit Cards](https://go.hfcu.org/blog/topic/credit-cards) - [Life Changes](https://go.hfcu.org/blog/topic/life-changes) - [Insurance](https://go.hfcu.org/blog/topic/insurance) - [Investments](https://go.hfcu.org/blog/topic/investments) Filter by Category** - [Show All](https://go.hfcu.org/blog) - 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(Oh yes, dinner at Chez Fifi, new tires, school clothes for the kids…) Thankfully the minimum payment is only $38. You can afford that! Before you write that check or make the payment online, consider this: If you make only the requested payments on that debt, your toddler will be entering high school before the balance is zero. Here's how it works: Most creditors require one to three percent of an outstanding balance as the monthly minimum payment. For $2,000, the average would be $40. As the balance declines, so does the requested payment. With an annual percentage rate of 15.07 (the current average according to [**Creditcards.com**](http://www.creditcards.com/)), it would take almost 17.5 years to repay, with an ultimate payout of a whopping $4,547.64. You can avoid wasting precious time and money by disregarding the requested payment on your statement and using the "consistent payment method" instead. The process is simple and efficient: 1. Determine a realistic and fixed amount you can pay each month 2. Declare a moratorium on using the card until the balance is repaid 3. Pay more when you can - but never go under your preset amount How much can this method possibly save you? Plenty. If you can manage $80 every month, you will repay the debt in 7.5 years, cutting off 10 years, with a final payout of $2,821.52. Increase the payment to $100 and the payoff time plummets to 6 years, and $2,617.87. (You can use any online financial calculator for easy computations) Expedite the process even further by lowering the interest rate. Ask your creditor for a reduction when you have made several larger than average consistent payments. Now you can celebrate your savings with a nice—affordable—night in (meals don’t have to be Chez Fifi to be great). Bon appetit! *Copyright © [BALANCE](http://www.balancepro.net/partners/hanscomfcu/)*   *Others are reading:* - [What You Need to Know Before You Pay Your Credit Card Early](https://go.hfcu.org/blog/what-you-need-to-know-before-you-pay-your-credit-card-early) - [What to Do When You're in a Credit Crisis](https://go.hfcu.org/blog/credit-card-crisis) - [5 Easy Ways to Cut Monthly Expenses](https://go.hfcu.org/blog/5-easy-ways-to-cut-monthly-expenses) - [Credit Know-how: The Difference Between a Soft and a Hard Inquiry](https://go.hfcu.org/blog/credit-know-how-soft-vs.-hard-inquiries) - [The 4 Sections of Your Credit Report](https://go.hfcu.org/blog/the-4-sections-of-your-credit-report) ** [Credit Cards](https://go.hfcu.org/blog/topic/credit-cards), [Personal Finance](https://go.hfcu.org/blog/topic/personal-finance) [** Save for Retirement While Paying for College ](https://go.hfcu.org/blog/save-for-retirement-while-paying-for-college) [** Refinance Your Auto and Save Big! ](https://go.hfcu.org/blog/bid/141169/refinance-your-auto-and-save-big) ### About Author ![Hanscom Federal Credit Union](https://go.hfcu.org/hubfs/HFCU-Profile-1000x1000.jpg) Hanscom Federal Credit Union Hanscom Federal Credit Union, a purpose-driven $1.9 billion organization based in Littleton, MA, empowers its members to achieve financial wellness. Hanscom FCU serves over 95,000 members across the country and overseas through 16 branches, over 100,000 surcharge-free ATMs, 5,000 contact centers, and a web-based branch. Related Posts [![Navigating Financial Challenges After a Job Loss](https://go.hfcu.org/hubfs/iStock-1444494544.jpg) Navigating Financial Challenges After a Job Loss ](https://go.hfcu.org/blog/job-loss) [![Three Tips to Build a Financial Safety Net](https://go.hfcu.org/hubfs/2-2.png) Three Tips to Build a Financial Safety Net ](https://go.hfcu.org/blog/safety-net) [![The Benefits of Setting Up Direct Deposits](https://go.hfcu.org/hubfs/young%20woman%20paying%20bills%20on%20couch-1.png) The Benefits of Setting Up Direct Deposits ](https://go.hfcu.org/blog/the-benefits-of-setting-up-direct-deposits) ** - [**](http://www.facebook.com/share.php?u=https://go.hfcu.org/blog/3-steps-to-reduce-credit-card-debt-fast/) - [**](https://X.com/share?url=https://go.hfcu.org/blog/3-steps-to-reduce-credit-card-debt-fast/) - [**](http://www.linkedin.com/shareArticle?mini=true&url=https://go.hfcu.org/blog/3-steps-to-reduce-credit-card-debt-fast/&summary=&source=CeBIT) ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ### Comment ### Subscribe To Blog ### Subscribe to Email Updates ### contact **Hanscom Federal Credit Union** 1610 Eglin St. Hanscom AFB, MA 01731 Call us: [800-656-4328](tel:8006564328) [https://www.hfcu.org/](https://www.hfcu.org/) ### About Us [The MoneyWisdom Blog](https://www.hfcu.org/the-moneywisdom-blog.html) ### Social ** ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://www.facebook.com/HanscomFederalCreditUnion The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://X.com/HanscomFCU The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://www.instagram.com/hanscomfcu/ The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://www.linkedin.com/company/hanscomfcu/ The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### http://www.youtube.com/c/HanscomFederalCreditUnion The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ### Popular Posts [What You Need to Know About Putting Your Home in a Trust](https://go.hfcu.org/blog/what-you-need-to-know-about-putting-your-home-in-a-trust) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/Untitled%20design%20-%202022-02-10T072804.753.jpg) [What You Need to Know About Your Federal Tax Bracket](https://go.hfcu.org/blog/what-you-need-to-know-about-your-tax-bracket) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/Untitled%20design%20-%202021-03-22T123305.900.jpg) [6 Boat Types to Get on the Water](https://go.hfcu.org/blog/6-boat-types-to-get-on-the-water) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/images/Jet_Ski.jpg) [23 Organizations Dedicated to the Needs of Seniors](https://go.hfcu.org/blog/23-organizations-dedicated-to-the-needs-of-seniors) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/Senior%20citizens.jpg) [9 Smart Moves for Lottery Winners](https://go.hfcu.org/blog/lottery) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/images/lottery_winner.jpg) ### Recent Posts - [![National Credit Union Administration](https://go.hfcu.org/hs-fs/hubfs/NCUA-logo-small.png?width=95&name=NCUA-logo-small.png) ](https://www.ncua.gov/) [![Equal Housing Lender](https://go.hfcu.org/hs-fs/hubfs/EHL-logo-small.png?width=65&name=EHL-logo-small.png)](https://www.hud.gov/fairhousing) - @ 2023 [Hanscom Federal Credit Union](https://www.hfcu.org/) - Federally insured by the National Credit Union Administration. - [Privacy Policy](https://www.hfcu.org/content/docs/Privacy_Notice.pdf) **Disclosure:** Hanscom Federal Credit Union does not provide and is not responsible for any products, services, or overall website content available at any third-party sites linked within this blog. Moreover, Hanscom Federal Credit Union's privacy policies do not apply to any of the linked websites within this blog. Please consult the privacy disclosures on those linked sites for further information. ```json { "@context": "http://schema.org", "@type": "BlogPosting", "mainEntityOfPage":{ "@type":"WebPage", "@id":"https://go.hfcu.org/blog/3-steps-to-reduce-credit-card-debt-fast" }, "headline": "Reduce Credit Card Debt FAST in 3 Easy Steps", "image": { "@type": "ImageObject", "url": "https://cdn2.hubspot.net/hubfs/118438/Credit-Card-Debt.jpg" }, "datePublished": "2019-01-29 15:09:00", "dateModified": "February 17, 2020, 3:37:47 PM", "author": { "@type": "Person", "name": "Hanscom Federal Credit Union" }, "publisher": { "@type": "Organization", "name": "Hanscom Federal Credit Union", "logo": { "@type": "ImageObject", "url": "https://cdn2.hubspot.net/hubfs/118438/Logo%202.jpg" } }, "description": "Paying the minimum amount due is the most expensive way to pay off your credit card debt, adding hundreds or thousands of dollars in debt over the years it will take to pay off your balance. Luckily, you can save money by using this 3 step "consistent payment method" plan to pay it off fast." } ```