I Need to Get Rid of $5,000 in Credit Card Debt. What Should I Do?

A person cuts up their credit cards.
Aileen Perilla/The Penny Hoarder
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If I owe my co-worker $5 for pizza, I feel little angst as I Venmo the payment.

But when I owe, say, my credit card company $5,000, I’m prone to panic (and then stress-eat more pizza).

But when you break it down into more digestible amounts, $5,000 is a doable amount over time, so long as you create a plan of attack.

That doesn’t necessarily mean you have to start selling everything you own to make a payment (or stop eating — heaven forbid). Sometimes it just takes a little digging to find extra cash where you’re already spending.

How to Pay off $5K in Credit Card Debt

Creating a plan of attack for paying off debt can feel overwhelming at first, but it doesn’t have to be, especially if you break down payment schedules to fit your budget.

Rather than going it alone, check out these resources for ways to help pay down your credit card debt. So you can get back to more important things. Like pizza.

1. Ask This Website to Help Pay Your Credit Card Bill This Month

If you have credit card debt, you know. The anxiety, the interest rates, the fear you’re never going to escape…

And the truth is, your credit card company doesn’t really care. It’s just getting rich by ripping you off with high interest rates. But a website called Credible wants to help.

Here’s how it works: Credible will match you with a low-interest loan you can use to pay off every credit card balance you have. The benefit? You’re left with just one bill to pay every month, and because the interest rate is so much lower, you can get out of debt so much faster. Plus, no credit card payment this month.

Credible won’t make you stand in line or call your bank, either. And if you’re worried you won’t qualify, it’s free to check online. It takes just two minutes, and it could help you pay off your debt years faster.

2. Stop Giving Your Car Insurance Company Extra Money

Cars sit parked on a street in front of a whimsical sculpture that includes car-shaped objects.
Chris Zuppa/The Penny Hoarder.

When was the last time you compared car insurance rates? Chances are you’re seriously overpaying with your current policy. 

If it’s been more than six months since your last car insurance quote, you should look again. 

And if you look through a digital marketplace called SmartFinancial, you could be getting rates as low as $22 a month — and saving yourself more than $700 a year. 

It takes one minute to get quotes from multiple insurers, so you can see all the best rates side-by-side. Yep — in just one minute you could save yourself $715 this year. That’s some major cash back in your pocket.

So if you haven’t checked car insurance rates in a while, see how much you can save with a new policy.

3. Earn Cash While Watching Cooking Videos Online

If we told you that you could get paid to watch videos on your computer, you’d probably laugh.

It’s too good to be true, right?

But we’re serious. A website called InboxDollars will pay you to watch short video clips online. One minute you might watch someone bake brownies and the next you might get the latest updates on Kardashian drama.

All you have to do is choose which videos you want to watch and answer a few quick questions about them afterward.

No, InboxDollars won’t replace your full-time job, but it’s something easy you can do while you’re already on the couch tonight wasting time on your phone.

Unlike other sites, InboxDollars pays you in cash — no points or gift cards. It’s already paid its users more than $56 million.

It takes about one minute to sign up, and you’ll immediately get a $5 bonus to get you started.

Tiffany Connors is a staff writer at The Penny Hoarder.


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