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Earn a high-yield savings rate with JG Wentworth Debt Relief

A Need for Speed: How to Accelerate Credit Card Debt Resolution

A Need for Speed: How to Accelerate Credit Card Debt Resolution

by

JG Wentworth

June 10, 2024

7 min

Pay off debt faster

Being saddled with credit card debt can feel like running on a treadmill – no matter how hard you work, the finish line seems to stretch further and further away. High interest rates, lingering balances, and tempting new credit offers can all conspire to keep you trapped in a cycle of debt that seems never-ending.

But what if you’re ready to kick your debt repayment into high gear? What if your goal isn’t just to chip away slowly, but to obliterate your credit card balances as fast as humanly possible? In this article, we’ll explore the strategies, sacrifices, and sheer determination required to pay off credit card debt at turbo speed.

This information is provided for educational and informational purposes only. Such information or materials do not constitute and are not intended to provide legal, accounting, or tax advice and should not be relied on in that respect. We suggest that You consult an attorney, accountant, and/or financial advisor to answer any financial or legal questions. 

The benefits of a faster debt payoff 

Sure, slow and steady may win the race in some cases, but when it comes to credit card debt, taking your sweet time can cost you big. Here are some of the reasons why you should consider making rapid debt elimination a priority: 

  • Save on interest: Credit cards charge notoriously high interest rates, which means every month you carry a balance, more of your hard-earned money goes towards interest rather than principal paydown. 
  • Stop the bleeding: Until those balances are at zero, you’re essentially throwing money away on interest fees every single month. The faster you kill your debt, the sooner you stop that financial bleeding. 
  • Boost your credit: High credit utilization ratios can severely damage your credit scores. Rapidly paying off credit cards improves this metric fast. 
  • Peace of mind: There’s no denying the psychological burden debt can place on your shoulders. Achieving debt-freedom quickly lifts that weight and frees you up financially and mentally. 

The turbo-charged debt elimination plan

Ready to put the pedal to the metal? Here are some key strategies to accelerate your credit card debt payoff: 

  • The debt snowball on steroids: The debt snowball method involves paying off your smallest balance first while making minimum payments on the rest. As you knock out each debt, you roll those payments into the next. To turbo-charge this, throw every last extra dollar at the smallest debt – from  tax refunds to garage sale money to budgeted entertainment funds. Get aggressive about finding dollars to attack that first debt with intensity. 
  • Debt consolidation driven by discipline: Consolidating credit cards into a lower-interest debt consolidation loan can be a smart move to accelerate payoff. But it only works if you combine it with living lean. Temporarily cut spending to the absolute bone while throwing every spare penny at the consolidation loan. Think of it as a debt elimination activist camp – you’re making sacrifices for rapid freedom. 
  • The side-gig hustle: In a dedicated debt payoff sprint, a typical monthly budget often won’t cut it. This is where the hustle of a profitable side-gig can provide extra momentum needed to blow your debt away. Whether it’s driving for a rideshare service or freelancing online – use all that extra earnings to place your debt resolution on the fast track.  
  • Make moves as a negotiator: You have more power than you think when it comes to negotiating interest rates, fees, and settlement amounts with lenders and creditors. Don’t be afraid to hard bargain and pursue the lowest interest rates and fees possible on remaining balances. Even small reductions can rapidly accelerate debt elimination when combined with aggressive repayment. 
  • Balance transfer tango: While balance transfer credit cards with 0% APR promotions can provide breathing room from interest charges, they are simply a tool – not a complete solution. To leverage them for maximum power, meticulously execute a plan to operate within the 0% window and have the entire balance paid off before the spike in rates. Balance transfers allow you to laser focus your cash on principal paydown for fast results. 

Fuel your resolution journey with JG Wentworth 

If you want to give your debt resolution an extra boost, consider applying for JG Wentworth’s Debt Relief Program.* Individuals with over $10,000 in unsecured debt can qualify, and the perks speak for themselves: 

  • One monthly payment 
  • We negotiate on your behalf 
  • Average debt resolution in as little as 48-60 months 
  • 24/7 support 
  • We only get paid if we settle your debt 

Think of us like your dedicated co-pilots who help you arrive at your destination as quickly and safely as possible.  

The road to financial freedom

Let’s be crystal clear: paying off credit card debt at turbo speed requires sacrifice, discipline, and unwavering determination. There will be temptations to splurge, to slow your roll, to zig when you should zag on the road to financial freedom. 

But if you stay hyper-focused on the prize – being free from the weight of overwhelming debt – the  temporary austerity and aggressive tactics will have been worth it. Live for the day when you can rip up those credit card statements, breathe that burden-free sigh of relief, and begin life’s next reinvigorated financial chapter. 

Because remember, when it comes to credit card debt, you no longer have to abide by the status quo pit-stop payment plans. With the right combination of strategies, grit, and persistence, you can leave that debt eating your dust. 

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* Program length varies depending on individual situation. Programs are between 24 and 60 months in length. Clients who are able to stay with the program and get all their debt settled realize approximate savings of 43% before our 25% program fee. This is a Debt resolution program provided by JGW Debt Settlement, LLC (“JGW” of “Us”)). JGW offers this program in the following states: AL, AK, AZ, AR, CA, CO, FL, ID, IN, IA, KY, LA, MD, MA, MI, MS, MO, MT, NE, NM, NV, NY, NC, OK, PA, SD, TN, TX, UT, VA, DC, and WI. If a consumer residing in CT, GA, HI, IL, KS, ME, NH, NJ, OH, RI, SC and VT contacts Us we may connect them with a law firm that provides debt resolution services in their state. JGW is licensed/registered to provide debt resolution services in states where licensing/registration is required. 

Debt resolution program results will vary by individual situation. As such, debt resolution services are not appropriate for everyone. Not all debts are eligible for enrollment. Not all individuals who enroll complete our program for various reasons, including their ability to save sufficient funds. Savings resulting from successful negotiations may result in tax consequences, please consult with a tax professional regarding these consequences. The use of the debt settlement services and the failure to make payments to creditors: (1) Will likely adversely affect your creditworthiness (credit rating/credit score) and make it harder to obtain credit; (2) May result in your being subject to collections or being sued by creditors or debt collectors; and (3) May increase the amount of money you owe due to the accrual of fees and interest by creditors or debt collectors. Failure to pay your monthly bills in a timely manner will result in increased balances and will harm your credit rating. Not all creditors will agree to reduce principal balance, and they may pursue collection, including lawsuits. JGW’s fees are calculated based on a percentage of the debt enrolled in the program. Read and understand the program agreement prior to enrollment. 

JG Wentworth does not pay or assume any debts or provide legal, financial, tax advice, or credit repair services. You should consult with independent professionals for such advice or services. Please consult with a bankruptcy attorney for information on bankruptcy.