Most credit card debts are accumulated not only out of reckless spending but also due to emergencies such as medical expenses, urgent house or car repairs, and family needs. During those times of crisis, many end up using their credit cards to shoulder the emergency expenses just to get by. However, if left unpaid for a long period of time, this balance can eventually balloon due to interest charges, which only makes it even more difficult to pay it off later on.
It’s crucial to have a credit card that makes it easy to settle payments, thus making the repayment process as stress-free as possible. Maya’s Landers Cashback Everywhere Credit Card, in particular, makes repayment simple and convenient by providing access to billing statements via the Maya app, allowing users to check their balance and payment deadline through the app itself.
Likewise, making a Maya credit card payment is just as seamless since cardholders can use their Maya Wallet funds to settle the bill.
Even with a simple repayment process, however, repaying credit card debt can still be a struggle for many. If you're among those currently working on paying off a credit card debt, then here are some strategies you can employ to help pay off your obligations faster.
1. Prioritize High-Interest Debt First
If you’re in a situation where you’re managing multiple credit card debts, prioritize the one with the highest interest rate first. Doing so lets you clear that debt much faster, ensuring that it doesn’t accumulate more interest charges that’ll just make it harder to pay in the long run. Moreover, by checking high-interest debts off your list, you can then free up part of your budget and allocate the money to your other financial obligations.
2. Pay More Than Just the Minimum Amount Due
While it can be tempting to just pay your credit card’s minimum amount due monthly, this approach actually just keeps you in debt longer because most of your payments are going toward covering the interest instead of reducing the principal balance. By increasing your monthly payments—aiming to pay as large an amount as possible—you’ll be able to pay off your debt faster and avoid interest charges from piling up. Such an adjustment can potentially shave months or even years off your repayment timeline, thus saving you thousands of pesos in interest charges.
For Landers Cashback Everywhere Credit Card holders paying through their Maya app, they can easily input a higher amount to pay during the payment process, helping them fast-track their credit card debt repayment.
3. Cut Expenses and Put the Savings Toward Debt Repayment
Making adjustments in your budget is another reliable strategy to free up more funds that can be put into debt repayment. You can do this by reviewing your current budget and cutting unnecessary expenses such as unused subscriptions, impulse online purchases, or frequent food deliveries
If you’re already using your credit card for daily expenses, this will be easier to achieve. With the Maya Landers Cashback Everywhere Credit Card, you can even keep track of all your transactions through the Maya app. This will allow you to analyze your spending habits, identify areas where you can cut back, and redirect those savings toward paying off your credit card debt faster.
Additionally, you can maximize your savings by taking advantage of your Landers Cashback Everywhere Credit Card's generous rewards. With up to 5% cashback at Landers, 2% on dining, and 1% on other qualified transactions,* you'll soon be able to collect enough points to get discount vouchers that you can also use at Landers in the future. This will enable you to reduce your overall grocery expenses each month, easing some of your financial burden as you work towards repaying your debt.
4. Use Cash Windfalls to Fast Track Debt Repayment
Instead of wasting unexpected cash windfalls such as bonuses or tax refunds by spending them on non-essentials, consider using the money to pay off part of your credit card debt. Remember that paying off your debt faster also frees up your budget much sooner, which can be more valuable than splurging for momentary indulgence. Paying off your debt now also lets you gain more financial control so that in the future, you might just be able to give yourself a modest reward when you can already afford it.
5. Get a Side Hustle
Increasing your income is also an effective way to make faster progress in paying off your debt. Consider taking on freelance projects or side gigs and putting the extra earnings into making additional payments each month. Later on, this added income can also be helpful in building an emergency fund, which can provide you with a financial buffer should you encounter more unexpected expenses in the future. Having this safety net will allow you to handle emergencies without resorting to more debt.
Paying off your credit card debt—especially if you’re aiming to do so quickly—requires strong financial discipline and focus. Make the process less stressful by employing the strategies discussed above. By endeavoring to be debt-free sooner, you’ll be able to regain full control of your finances, allowing you to focus on building long-term wealth and financial security
*Transactions that don’t qualify include: cash in, cash advance, quasi cash purchases, casinos and gambling, fuel, supermarket, pharmaceuticals, utilities, telco, and government.
