What's Happening
2 hours ago

Mark Zuckerberg Follows Elon Musk's Footsteps As Meta Reportedly Plans Major Investment Into AI-Powered Humanoid Robots

benzingabenzinga.com
3 hours ago

Do You Know How Long $1 Million Will Last If You Retire At 65? Here's A Hint – Longer Than You're Led To Think!

benzingabenzinga.com
3 hours ago

IRS Reportedly Gears Up To Lay Off Thousands Of Workers Elon Musk's DOGE Looks To Shrink The Tax Agency

benzingabenzinga.com
3 hours ago

TRADEPULSE POWER INFLOW ALERT: PALO ALTO NETWORKS INC. (PANW) MOVES UP OVER 5% AT ITS HIGH AFTER TRADEPULSE ALERT

benzingabenzinga.com
4 hours ago

Jeff Bezos-Backed Anthropic Fights US Proposal Blocking Google From Investing In AI Startups, Says It Would Benefit Rivals OpenAI, Mark Zuckerberg's M...

benzingabenzinga.com
5 hours ago

Trump Administration 'Unlikely' To Support TSMC's Control Of Intel's US Chip Factories: Report

benzingabenzinga.com
5 hours ago

Trump's 'Liquid Gold' Plan: Can He Really Make America Rich Again, or Do Oil Giants Hold the Real Power?

benzingabenzinga.com
6 hours ago

Elon Musk's Government Gig Has No Salary, No Job Title, And Plenty of Power

benzingabenzinga.com
7 hours ago

Russell Vought Orders Pause On All CFPB Activity, Critics Say This Gives Corporations 'The Green Light To Scam Families'

benzingabenzinga.com
8 hours ago

$1000 Invested In Super Micro Computer 15 Years Ago Would Be Worth This Much Today

benzingabenzinga.com
8 hours ago

'We're Going To Find Billions' – Trump Targets Pentagon For Deep Spending Cuts

benzingabenzinga.com
8 hours ago

Here's How Much You Would Have Made Owning Meta Platforms Stock In The Last 10 Years

benzingabenzinga.com
8 hours ago

If You Invested $1000 In This Stock 15 Years Ago, You Would Have This Much Today

benzingabenzinga.com
8 hours ago

Here's How Much You Would Have Made Owning Regeneron Pharmaceuticals Stock In The Last 15 Years

benzingabenzinga.com
9 hours ago

Here's How Much You Would Have Made Owning American Tower Stock In The Last 20 Years

benzingabenzinga.com
9 hours ago

$100 Invested In Cencora 5 Years Ago Would Be Worth This Much Today

benzingabenzinga.com
9 hours ago

Here's How Much $1000 Invested In FTAI Aviation 5 Years Ago Would Be Worth Today

benzingabenzinga.com
9 hours ago

5 Stocks That Could Suffer With Canadian Tariffs

benzingabenzinga.com
9 hours ago

Vontier Stock: A Deep Dive Into Analyst Perspectives (5 Ratings)

benzingabenzinga.com
9 hours ago

4 Analysts Have This To Say About Palomar Hldgs

benzingabenzinga.com

3 Costly Mistakes I Made While Paying Off Credit Card Debt

A tired-looking man resting his forehead on his hand while reading paperwork.

Image source: Getty Images

Like many Americans, I had a period of my life when I was in credit card debt. I was a young adult, and I had just started freelancing, so I wasn’t used to having an unstable income. I also wasn’t earning much, which meant I had little room for error with my spending.

Eventually, I got out of debt. But it took much longer than it should have and cost me hundreds of dollars in interest. If you’re in credit card debt, here are the three mistakes I made so you know what to avoid.

1. Not using a balance transfer card

A balance transfer card is a type of credit card specifically for paying off debt. It has a 0% intro APR on balance transfers, meaning debt you bring over from other accounts. For example, you have a credit card with a $5,000 balance and a 23% APR. You transfer it to a card with a 0% intro APR for 18 months, saving over $1,100 in interest per year.

I didn’t get a balance transfer card. In fact, I didn’t even know this type of card existed. If I had gotten one, I could’ve transferred over my credit card debt for a small balance transfer fee. The standard fee amount is 3% to 5%. Then, I could’ve paid it off faster and without expensive interest charges.

Avoiding interest makes it much easier to get out of credit card debt. Click here to learn more and see our list of the best balance transfer cards, with 0% intro APRs lasting as long as 21 months.

2. Continuing to use my credit cards

The most efficient way to pay off credit card debt is to stop using your cards. If you keep using them, it slows down your progress. Making a $500 payment could take a solid chunk out of your debt, but not if you spend another $400 on your cards that same month.

Keep in mind also that every purchase you make is more interest you need to pay. Even if you get a balance transfer card, the 0% intro APR might only apply to balance transfers and not new purchases. If so, you’ll start getting charged interest on purchases right away, even if the debt you transferred to the new card is interest-free for the moment.

I made the typical rationalizations in my head for why I was still using my credit cards. It was more convenient. I didn’t want to keep track of how much was in my checking account. I was earning points (which didn’t come close to equalizing the interest I was paying). They were all just excuses that kept me in debt longer.

3. Splurging after making progress on my debt

My income fluctuated quite a bit during my early days as a freelancer. I’d occasionally have a much more profitable month than usual. When that happened, I’d take advantage and pay down a large amount of debt.

So far, so good. But then I’d figure that since I had worked so hard and made so much progress, I deserved to treat myself. I’d splurge and feel happy about spending money — which turned to disappointment in myself when I saw my credit card bill a few weeks later.

When you’re dealing with credit card debt, you need to be extra disciplined about your spending. It’s not the time to splurge or make impulsive purchases. Focus on your goal of paying off your credit cards. If you want to occasionally treat yourself to stay motivated, that’s fine. But look for ways to do it without spending too much, like going out for happy hour with friends or grabbing a treat at a local bakery you like.

My credit card debt is firmly in the rearview mirror at this point. I’ve used many of the top credit cards since then, but I always pay in full every month, ensuring I get their benefits without the costly drawbacks. The mistakes I made didn’t ruin me financially, but I would’ve had an easier time had I known what not to do.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

Related Posts

Social Security is an essential piece to most American’s retirement plans. Without their monthly benefits, some 16.3 million seniors U.S, would be living below the

The average retirement age in the U.S. was 62 in 2023, but that number’s been slowly ticking up over time. Rising life expectancies and rising

While the stock market is still thriving, some investors may be feeling wary about the future. Spiking inflation could cause the Federal Reserve to shift

There are plenty of ways to become a millionaire, like starting a successful business, being a professional athlete, or becoming a movie star. For most