Personal Finance
6 Ways to Legally Get Rid of Credit Card Debt
From a brand partner: Explore strategies to cut expenses, lower interest costs and put extra money toward paying down balances.
If you’re reading this, there’s a 50% chance you have credit card debt — nearly half of U.S. adults do. And if you don’t pay it off every month, you’re draining your bank account with unnecessary — and terribly high — interest payments.
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 — some up to a whopping 36%!
But there are a few (legal) ways to get rid of it…
1. Commit to a No-Spend Challenge
When you want to pour some extra fuel on the fire to reach your financial goals, try committing to a no-spend challenge.
That means you won’t spend any money on nonessentials — it could be for a week or 30 days or whatever feels right to you. Definitely still pay rent, your utilities and other bills, but don’t spend on things like entertainment, clothes or dining out.
Yes, this will be difficult, and you will face temptations. But this is a great way to reset your spending habits and save up some extra money to put toward your savings or debt-payoff goals.
Wonder if it works? We've seen it in action! Writer Jamie Cattanach committed to a No Spend November (yep, a whole month). By the end of her challenge, Jamie had saved more than $600. Not bad, right?
2. Cancel Your Car Insurance
You might not even realize it, but your car insurance company is probably overcharging you. In fact, they’re kind of counting on you not noticing. Luckily, this problem is easy to fix.
Don’t waste your time browsing insurance sites for a better deal. A company called Insurify shows you all your options at once — people who do this save up to $1,100 per year.
If you tell them a bit about yourself and your vehicle, they’ll send you personalized quotes so you can compare them and find the best one for you. No phone calls. No spam. Just happy customers (4.7 rating on Trustpilot).
Tired of overpaying for car insurance? It takes just five minutes to compare your options with Insurify and see how much you could save on car insurance.
3. Stop Paying Your Credit Card Company
If you have credit card debt, you know. The anxiety, the interest rates, the fear you’re never going to escape… but a website called AmONE wants to help.
If you owe your credit card companies $100,000 or less, AmONE will match you with a low-interest loan you can use to pay off every single one of your balances.
The benefit? You’ll be left with one bill to pay each month. And because personal loans have lower interest rates (AmONE rates start at 6.49% APR), you’ll get out of debt that much faster.
It takes less than a minute and just 10 questions to see what loans you qualify for.
4. Ask This Company to Get a Big Chunk of Your Debt Forgiven
A company called National Debt Relief could convince your lenders to simply get rid of a big chunk of what you owe. No bankruptcy, no loans — you don’t even need to have good credit.
If you owe at least $15,000 in unsecured debt (credit card debt, personal loans, medical bills, etc.), National Debt Relief’s experts will build you a monthly payment plan. As your payments add up, they negotiate with your creditors to reduce the amount you owe. You then pay off the rest in a lump sum.
On average, you could become debt-free within 24 to 48 months. It takes less than a minute to sign up and see how much debt you could get rid of.
5. Set Up Direct Deposit — Pocket $400
When you set up an eligible direct deposit with SoFi Checking and Savings (Member FDIC), you’ll get up to $400 straight into your account. No… really. Just a nice little bonus for making a smart switch.
Why switch? With SoFi, you can earn up to 3.10% APY on savings and 0.50% on checking, plus a 0.70% APY boost for your first six months when you set up direct deposit or keep $5,000 in your account. That’s up to 3.80% APY total. Way better than letting your balance chill at 0.40% APY.
There are no fees. No gotchas. Make the move to SoFi and get paid to upgrade your finances.
6. Earn as Much as $1K/Month Doing Simple Online Tasks
Is there such a thing as easy money? If you know your way around the web, there certainly is.
That’s because data is currency these days, and many companies are willing to pay cash for it — up to $1,000 per month.
Finding these companies can be time-consuming on your own. But a company called Freecash has compiled all sorts of quick cash tasks from about a dozen advertisers and market research companies thirsty for data. Freecash has paid out more than $13 million to users since 2019.
Pick and choose tasks and complete them at your convenience. Convert the coins you earn into things like Visa gift cards, Amazon gift cards, cryptocurrency or cold-hard PayPal cash.
Signing up for a Freecash account is easy, and there’s no minimum amount to cash out. And if you’ve got enough free time on your hands, you can join the ranks of Freecash users making upwards of $1,000 a month in extra cash.
Sign up here to see how much you could earn.
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