What’s the best strategy to pay off high‑interest credit card debt?

kamal12345

Hi All,

I'm xxxxxxxxxx, based in Geneva, Switzerland (Swiss) .  Can anyone explain what is the best strategy is to pay off high-interest credit card debt?

Thanks in Advance!

xxxxxxxxxx Geneva , Switzerland 

edited to remove name.

Grumpelstiltskin

This is a UK based site so we can't advise what to do in Switzerland.

Voyager2002

Grumpelstiltskin said:

This is a UK based site so we can't advise what to do in Switzerland.

Having said that, the standard advice offered here would be the same anywhere: look for any 'fat' in your monthly budget and throw every last cent at the debt with the highest interest.

CliveOfIndia

As Voyager says, pay as much as you possibly can to the debt, prioritising the portion with the highest APR if the debt is spread across more than one card.

You may wish to fill out an SOA ( https://www.lemonfool.co.uk/financecalculators/soa.php ), this will help you to get an accurate picture of your finances - you might be able to find some savings that can be made in your budget, anything you can save gets thrown at the debt.  Although the SOA is a UK website, I'm sure the principles will still apply no matter where you are.

Lastly, if you have the possibility of taking on extra work (a few part-time shifts in a pub or supermarket, for instance), this will bring in extra income to help pay down the debt more quickly.