I Need to Get Rid of $5,000 in Credit Card Debt. What Should I Do?
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
No, like… the whole bill. All of it.
While you’re stressing out over your debt, your credit card company is getting rich off those insane interest rates. But a website called Fiona could help you pay off that bill as soon as tomorrow.
Here’s how it works: Fiona can 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.
If your credit score is at least 620, Fiona can help you borrow up to $250,000 (no collateral needed) with fixed rates starting at 5.99% and terms from 6 to 144 months.
Fiona won’t make you stand in line or call a bank. And if you’re worried you won’t qualify, it’s free to check online. It takes just two minutes, and it could save you thousands of dollars. Totally worth it.
All that credit card debt — and the anxiety that comes with it — could be gone by tomorrow.
2. Stop Giving Your Car Insurance Company Extra Money
Here’s the thing: your current car insurance company is probably overcharging you. But don’t waste your time hopping around to different insurance companies looking for a better deal.
Use a website called EverQuote to see all your options at once.
EverQuote is the largest online marketplace for insurance in the US, so you’ll get the top options from more than 175 different carriers handed right to you.
Take a couple of minutes to answer some questions about yourself and your driving record. With this information, EverQuote will be able to give you the top recommendations for car insurance. In just a few minutes, you could save up to $610 a year.
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.