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Credit card debt is a fact of life for numerous people. When an unexpected bill or a sudden loss of income occurs, a credit card is often the only way to deal with the resulting financial crisis. Paying off that debt, however, is an important step toward financial freedom. Of course paying off your debt will require some time and self-discipline, however there are some very real strategies that can make it happen sooner and with less effort.

1. Consider debt consolidation or transfer to a lower-rate card.

The interest rate on your credit card has a significant effect on your ability to pay off the balance. To see the effect of interest rate, try using the credit card calculator at Bankrate.com. Consolidating your debt with your mortgage, taking out a home equity loan, and finding a lower rate card are all options than can help reduce the time it takes to become debt free.

2. Try to negotiate a debt settlement yourself.

A debt settlement is an arrangement in which you pay off a portion of the debt and the rest is forgiven. Many companies offer "debt settlement services," offering to negotiate with creditors for you. However, many of these companies, even those that describe themselves as "non-profit," charge outrageous fees. Some debt settlement organizations are outright schemes and will charge a fee but never make a call to the credit card company.

Instead of relying on a debt settlement company, try contacting the credit card company yourself. Explain that you are in danger of bankruptcy and offer to pay off a portion of the balance. This usually only works if you actually have a substantial portion of the balance available to you; most debt settlements involve a single payment of a lump sum, though there are exceptions in which creditors will allow you to make a series of payments of a short period of time.

3. Stop adding to the problem.

You can't change the past events which incurred the debt, but you can avoid increasing it further. Avoid making any unnecessary purchases. Stick to the basics such as groceries and necessary medical care. Try to pinch pennies when it comes to groceries. Save on heating and cooling by turning your thermostat down in the winter and up in the summer. These small changes will mean having more of your paycheck free to apply toward your credit card balance.

4. Delay purchases as long as possible.

Sometimes you genuinely need to make a home or auto repair. It may be necessary to update your wardrobe for career reasons. However, holding out on those big ticket purchases as long as possible means keeper your balance lower, longer. Charging something on your card today means you begin paying interest today. By delaying purchases, you lower the overall interest paid on the balance.

5. Set up automatic payments to your credit card.

Using the calculator Bankrate.com, decide how much you need to pay on your credit card balance each month in order to pay off your debt in a reasonable amount of time. Most checking accounts will allow you to set up recurring payments to a creditor, so use your online banking portal to schedule a monthly payment to your credit card company in the appropriate amount.

Setting up automatic payments makes paying debt less painful since you won't have to think about it each month. However, note that the Bankrate calculator does not take into account any special fees or any additional purchases. If your credit card company charges you fees for carrying a balance, or if you make additional purchases on your card, you will need to pay more than the calculated amount. To address this problem, either make your automatic payment substantially more than the calculated payment, or monitor your balance each month and make additional payments as necessary.

Learn more about this author, Raven Lebeau.
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