In the recent economy, credit card debts have become an all too common feature of modern life. Ideally these debts should be paid off in the quickest, most efficient way possible, in order to avoid high interest rates and possible charges. There a number of different ways to get back “in the black” more quickly.

Pay more than they expect - Banks charge a minimum credit card repayment for a reason. The lower your payments are, the most interest will be accrued on your balance. If you have a fixed repayment amount, you may soon find you are only paying enough to cover the interest. If you can afford to pay slightly more than the minimum payment every month, then you will pay off your debts more quickly, and pay a lower total sum as a result.

Do the maths on interest rates - It is all too tempting to put money aside in savings accounts; it provides something of a ‘rainy day’ fund and allows for a more positive view of your finances. However, most savings accounts nowadays can only offer a low interest rate, while credit card balances continue to accrue high interest. Therefore it is most beneficial to put any extra cash into making higher card repayments. It may be disheartening at first to see money disappearing, this method will show results when monthly repayments start getting lower.

Don’t give in to temptation - If you have high credit card debts and repayment has led to a stressful situation, then don’t be tempted to indulge in any purchases as retail therapy. If you have managed a few months of higher repayments, you may feel the need to reward yourself. This can thwart all your hard work. If you find the draw of the card too strong then cut up your cards to avoid any risk of overspending.

Careful budgeting is key - Make a plan of all your finances and outgoings in order to calculate how much you can afford to repay on credit cards. Then focus on those with the highest interest rates first. If you make your largest payments on the cards which are costing you most, it will enable you to pay off debts more quickly.

Shop around for deals - As long as you do not miss repayments, or have bad credit, then card providers are usually still willing to provide you with new credit cards. This is not an excuse to spend more money, rather an opportunity to save. Many card providers offer 0% interest rates for an initial period, or 0% on balance transfers. Try and consolidate your cards under the lowest available interest rate and a greater deal of your money will go towards paying off the balance rather than the accrued interest.

For those who are determined to stop over-spending and eliminate debt, it is entirely achievable, given a little time and patience. While there is no quick fix for paying off credit card debts, careful budgeting and planning provide the easiest and least stressful route to being debt-free.