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4 Steps To Pay Off Your Credit Card Balance

September 13, 2017 You’ve got a balance on a high interest credit card and it’s costing you big—in dollars and peace of mind. How you got there and how you can avoid getting there again, is a topic for another post (here’s to check out). For now, let’s focus on getting out from under.

Step 1: Face the facts.

Do you know how much it’s costing you to carry a balance on this card? Or do you just live with a vague, “this has got to be bad” pit in your stomach? Some companies have a section on their statement that tells you exactly what you’re paying in interest and how long it would take to pay off your current balance if you only make your minimum payment.

Step 2: Investigate a balance transfer.

Ever gotten an offer inviting you to transfer your outstanding balance to a new card at an amazing low rate? It could save you money, but do your homework first. Here are a few things to be aware of:
  • A balance transfer doesn’t mean you’ve really paid off your outstanding balance. It just means you’re switching it to a new company at a lower rate. This should save you money, but might not when you consider the other items on this list.
  • You might have to pay a fee to transfer the balance. 
  • You might be paying more in interest than you realize. If you’re making partial payments, and portions of your balance are at different interest rates, you probably don’t have any control over which part of your balance you’re paying off. Don’t assume you’re paying down the part of your balance that’s at the highest interest rate first—find out!
Need help finding the credit card that’s right for you? Check out these from Summit.

Step 3: Use automatic payments to eliminate your balance.

Don’t depend on good intentions to cut your balance: plan for it! Figure out how much you can afford to pay off each month and set up automatic payments. Making that payment may require some sacrifices, but you’re going to feel a whole lot better when do.

Step 4: Set your payment as a goal in Climbr®.

Summit's is a great way to monitor and reinforce your good financial habits. You’re ready to make that balance disappear and Summit is ! You might also be interested in Here are some tips on how to prioritize your debts and bills, negotiate with creditors and get your late payments back on solid ground. Strengthen your credit and learn about the new changes happening to your score. Here’s everything you need to know. Sometimes having a little extra cash is the only thing between you and your dreams. Check out these financial tips to be smart about borrowing money and avoid common mistakes. With so many credit card options out there, it can be difficult to choose one that's right for your finances. Here are the do's & don'ts of credit cards to help you decide! Did you resolve to make this the year you took charge of your finances?  It’s crazy to think that the year is almost halfway over, but, hey, it is! Which means it’s the perfect time to take stock of how you’re doing on managing your finances. Credit cards can be a great way to stretch your money until payday and a handy way to buy online. (And who doesn’t love to watch their credit card rewards pile up?!?) Ready to get out of credit card debt — or avoid it in the first place? We’re here to help. There’s no better place to borrow than Summit – in the entire U.S.! Here’s the proof. Did you know Summit gives you more value than any other credit union in the U.S. when it’s time to borrow money? Is “your baby” about to leave home? Whether that has you mooning over their old first day of school photos or plotting how to repurpose their bedroom (or, maybe, both) there’s one topic you need to tackle now: smart spending. Did you resolve to do a better job with your finances in 2018? Good for you! We know you can do it! To help, we’ve come up with a catchy name — your Money Smart Year (don’t you feel inspired already?) Featured Products Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Financial Education Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts About Equity in Money™ About Summit Careers News Community Giving Equity in Money™ About Summit Careers News Community Giving Help & Support Contact Us Member Support Center Schedule an Appointment Find a Branch Contact Us Member Support Center Schedule an Appointment Find a Branch 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. NCUA Insurance Estimator Privacy, Security & Accessibility Rates, Fees, Terms & Disclosures Routing Number *  The Wisconsin's #1 Mortgage Lender designation is based on the number of loans in 2022, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. The results of the data were obtained through the LEI: 254900NTAC4H10MGSU23 **  SBA Lender of the Year Award for Credit Unions as awarded by the Small Business Administration of Wisconsin in 2023. Copyright 2024 © Summit Credit Union. All rights reserved. If you are using a screen reader and are having problems using this website, please call 608-243-5000 for assistance. Insured by NCUA