How To Decrease Your Credit Card Payments Every Month?

It is undeniable that credit card payments can consume a large part of your monthly budget, especially if you have high-interest rates. Of course, it is not a surprise that many of us would want these figures to decrease.

There are numerous strategies that you can implement to lower your monthly payments for your credit cards. These methods would require you to reduce your balance or interest rates. 

Pay More Than The Minimum

Many credit card issuers will just require you to pay around 2% to 4% of your credit card balance every month. On the surface, it seems to be a generous offer. But one should know that it lengthens the time that you need to clear a debt. That’s a burden on your part. 

It is recommended that you pay in full, if possible, to ensure that you will not deal with extensive payments and interests. Doing so will also help you avoid credit card debts. However, if you have multiple balances, paying above the minimum (regardless of the amount) is your next best route.

Make Debt Payments A Priority

It is also essential that you put debt payments as your priority. If you want them to lower or disappear from your monthly budget, you should put the utter effort into reducing them. 

You can do this by listing all your credit cards alongside the amount that you owe on each of them. Take into account the required minimum payment and their respective interest rates. You can either prioritize dealing with the balance or the APR. 

With these things on hand, you can already choose between different payment strategies. The most effective ones are the debt avalanche and debt snowball methods because they are systematic to clear your debts one by one. 

Assess Your Budget

If you don’t have an existing budget, it is the ripe time to make one. A budget will help you track your spending and monitor your income. It can help in managing your resources by preventing you from spending more than what you earn. Once you have a budget, it is easy to review all your spending areas. Here, you can determine which aspects you can cut so that you can save more money. The money that you saved will be used to pay your credit card debts. 

Here are some of the areas that you should review:

  • Regular subscription services
  • Discretionary spending, such as buying new clothes and eating to restaurants
  • Bank fees and other service fees


You also have an option to haggle down significant expenses, such as insurance premiums. For instance, you can lower your car insurance premium if you bundle the latter with your homeowner’s insurance. 

Find Ways To Reduce Interest Rates

The interest rate of your credit card is the one that makes it difficult to pay their debts. If you can just reduce your interest rates, it is probable that the financial responsibilities you have will lower as well. Once you achieve this, your monthly payment will go to your balance instead of the interest. Fortunately, there are viable ways to do this.


  • Contact your credit card issuer – You always have the option to call your credit card provider and request a rate reduction. This strategy is a viable option if you are an excellent customer. This means that you always pay on time, no penalties, and have an impressive credit score. If you have these qualifications, your bank will certainly consider your request. 


  • Transfer your balances to a card with 0% introductory APR – Having a 0% APR card is beneficial for debt repayments. You see, these cards don’t charge any interest for a given period. If you can transfer your balances here, your monthly payments automatically lower. After all, interest rates are being taken out of the picture. Furthermore, it lets you pay your balances quickly because your payments go to the principal amount–not the interest. 


Once the interest rates come in, your monthly payments would be lower than they used to be since you have already reduced your principal balance. Always make sure that you include the balance transfer fees in your calculation. They can add up to 5% of the actual amount you owed once you made a transfer. 


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