The best ways to pay off your Capital One credit card when you have racked up debt are to pay more every month, pay more frequently than once a month, or transfer the debt somewhere else with a lower interest rate. You could also pursue other strategies like settling for a smaller amount.
Pay more each month: If you pay down your balance by a greater amount each month, there will be less debt remaining to accrue interest on, so you will end up paying less in the long run. Naturally, this strategy only works if you have extra money to put toward your bills.
Pay more often: Since credit card interest accrues on a daily basis, more frequent payments will result in less interest accruing over the course of each month.
Transfer the debt: You could open a 0% APR balance transfer credit card with a different card issuer, then move the debt from your Capital One card to that card. You’ll owe the same amount of debt to the new card’s issuer (plus a balance transfer fee, usually), but you’ll have time to pay off the debt before interest starts to accrue.
Use a personal loan: It might be possible to pay off your Capital One credit card with a personal loan that has a lower interest rate. Keep in mind that the interest rate you receive on a personal loan will depend heavily on your credit score and income, and it’s possible you might not get a rate that’s lower than your current rate.
Other debt strategies: You could try to settle with Capital One for a lump sum that’s lower than the total amount you owe. You could also enroll in a debt management program, or in extreme cases, declare bankruptcy.
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