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If you are trying to build up your credit, you may be wondering how to pay off your credit card debt faster so that your score will rise. Whether you’re trying to get a better rate on a mortgage, loan, or just want to improve your credit score, making dedicated steps towards reducing your debt is well worth the effort. If you’re ready to get started but aren’t sure how, you’ll need to focus on these six steps to get your debt down as quickly as possible.

Step 1: Make a list of your debts

The first step to paying off your credit card debt is to know what you’re dealing with. Start by making a list of all of your debts. This will help you to see which cards need to be paid off first and which can be put on a longer repayment schedule. Once you have a list, it will be easier to prioritize your spending and make smart decisions about which debts to pay off first.

Step 2: Organize your debts by interest rate

When you are trying to build up your credit score, it’s important to organize your debts by interest rate. This will help you understand which debts are more expensive and should be paid off faster.

Step 3: Make a budget and stick to it

Credit card debt can be a real financial burden, especially if it’s not paid off quickly. One way to help pay off credit card debt more quickly is to make a budget and stick to it. This will help you understand where your money is going and help you prioritize payments. If you can stick to a budget and pay off your debt quickly, you’ll be on the road to building good credit and avoiding future credit problems.

Step 4: Pay more than the minimum amount

When you are trying to build up your credit score, paying more than the minimum amount on your credit card bills is vital. This will help you pay off credit card debt fast and improve your credit score since your credit utilization ratio will decrease faster as well. If you can’t pay your balance off in full every month, consider adding an extra $50 to your payment to get your balance down faster. Even an additional $10 will go a long way toward getting your balance back to zero.

Step 5: Use a credit card balance transfer

If you’re trying to build up your credit score, a credit card balance transfer can be a good option. Balance transfers help you get your debt payments down faster and can help improve your credit score due to the increase in available credit and the temporary reduction of interest you’ll accrue on outstanding balances.

However, make sure you understand the balance transfer terms before you sign up since the promotional rates will eventually expire, and you may be subjected to balance transfer fees that increase your total debt.

Step 6: Get a side hustle

Some people may not be able to get a traditional job or aren’t making enough to get by, but they can still build up their credit by starting a side hustle to get more money coming in that can be allocated toward paying off debt.

If you’re not sure what type of gig business would work best for you, here are a few tips:

• Start by looking online for side hustles that you’re interested in. Check out sites like TaskRabbit, where you can do odd jobs for a fee.
• Try gig apps like Uber or GrubHub. These apps offer people the opportunity to make extra money by driving for a certain amount of time or delivering food.
• Network with people you know who are in business. Ask them if they have any advice on starting a side hustle or know of any jobs that would be a good fit for you.
• Alternatively, you can look into starting your own side hustle. There are many ways to create a blog and generate affiliate or ad revenue to start a small business online.

The bottom line

Building up your credit can take time, but you can get your score back up quickly with a bit of effort and dedicated work