Paying More Than the Minimum on Credit Cards

Get out of debt

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To help get those credit card debts paid down faster, paying more than the minimum payment per month will help you get out of debt faster.

A $10,000 credit card at 19.99% will take 109 months to pay off when you pay only $200 per month. Increasing the monthly payment by $100 to $300 per month will pay off that debt in 50 Months, under half the time. The more you can pay on your loans per month can help decrease the length of time of the loan, and the amount of interest you are paying out.

See our article on how much interest am i paying on credit card to see how changing your monthly payment amount makes a difference. Every extra bit going towards paying off your debt will make a difference.

Spend less and track your expenses

If you are spending more than you make per month, your debt will continue to increase and you will need to get this under control. Knowing your monthly expenses and having a plan in place for your allotted expenses is a start to helping see how much you are able to spend, while not gaining extra debt. Spending less than you make is the goal here. If there’s something you want to purchase, make sure you have the available funds to make that purchase without putting it on credit.

Our interactive budgeting worksheet can help you get started on tracking your expenses and give you the starting place to see how much you have available for certain allotted expenses. Look for expenses that can be reduced or taken out altogether.

Pay off the most expensive debts first

When you have multiple debts you are paying off, it can be a bit overwhelming what debt you should focus on more, or if you should just pay all at the required minimum monthly amounts. One option that you can choose for multiple debts is to choose the debt that has the highest interest rate. The higher the interest rate, the more you are paying on that loan in interest payments. Work towards paying this one off the fastest and first. Note that it is always important to pay all of your debts each month in order to keep good credit history. Don’t miss any payments.

Once you have the first debt paid off, you can then work on using that money to pay down the next more expensive debt that you have. Getting your first debt totally paid off will be encouraging, and will show you that you can get your debts paid off and be debt free!

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt, call us at 1-844-962-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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Great experience i was in financial trouble and someone of my friends recommended this company. Cori is a wonderful and welcoming person she did a very good job and came up with a smooth and flexible monthly payment after the reduction. i highly recommend this company. Thank you David sklar and special thanks to Cori.❤️🙏🏻
Jasmine Joseph
22:08 13 Jan 23
Met up with Mr. Jason Sklar to discuss more in person, very thorough and clear. He is very kind and thoughtful, I will be referring anyone with the same situation to David Sklar & Associates.
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02:33 29 Dec 22
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01:13 22 Dec 22
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18:22 21 Dec 22
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barbee diaz
16:37 16 Dec 22
I FOUND DAVID SKLAR & ASSOCIATES BY GOOGLING "BANKRUPTCY" (EARLY NOV. 2021). ON NOV.4, 2021 I HAD A MEETING WITH CORI NARON AT HER OFFICE AT ST CLAIR ANDBATHURST. HER POSITIVE APPROACH TURNED ASTRESSFUL SITUATION INTO A STEP BY STEP UNDERSTANDABLE PROCESSON SEPT. 23, 2022 I OBTAINED MY AUTOMATICDISCHARGE FROM BANKRUPTCY AND MY CERTIFICATE OFDISCHARGE.THANK YOU CORIBRUCE BURGESS
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21:35 02 Dec 22
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M J
18:41 01 Dec 22
Jerry was professional and was easy to deal with
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00:09 29 Nov 22
I was quite nervous and a little embarrassed that I needed financial advice. I met with Jerry Janiec and he was very helpful. He made me feel comfortable and explained everything in easy to understand terms so that I understood what my options were. I would recommend David Sklar & Associates for anyone in my position.
Melissa Blackburn
19:53 17 Nov 22
I was fortunate enough to be referred to David Sklar & Associates Inc. by a family member. Now in the10th month of a Consumer Proposal process, I am very impressed with the organization, professionalism and impeccable customer representation that I have experienced. To this effect, I amparticularly thankful to Jerry Janiec and Rhoda Lewis for their excellent work.
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12:21 16 Nov 22
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