Paying Off Credit Card Debt? Stop Making These 9 Mistakes

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Key takeaways

A repayment plan can help you stay on track and pay off your debt more effectively.
Only paying the minimum amount on your credit card bill will dig you further into debt.
Build an emergency savings fund as you pay off debt so that you do not have to rely on credit in the future.

It’s easy to fall into credit card debt and much harder to pay it off. According to the Federal Reserve Bank of New York, American credit card debt reached $1.18 trillion in the first quarter of 2025. Debt is a serious problem that many consumers struggle with, but you don’t have to let it hold you back.

Paying off credit card debt takes time, effort, and dedication. There are plenty of mistakes you can make along the way that will take you off track. As you work to pay off your balances, be on the lookout for these 9 common blunders.

What are some common mistakes when paying off debt?

Many people make mistakes when paying off debt, but it keeps them trapped in a cycle. Learning how to get out of credit card debt fast can save you thousands in interest and years of financial stress. It empowers you to take control of your finances and stop living paycheck to paycheck.

1. Making only minimum payments

Making only the minimum payment on your credit card is one of the worst things you can do. Over time, this common mistake can cost you hundreds or even thousands of dollars.

Most credit card companies set the minimum payment as a percentage of the outstanding balance. Typically, it is 1% to 3% of the balance, including accrued interest.

When you only pay the minimum, most of your payment goes toward interest charges rather than reducing your principal balance. You will continue to accrue interest on the remaining balance. The additional interest can prolong your debt payoff plan for years.

This information isn’t hidden; it’s part of your credit card statement, thanks to the CARD Act of 2009. The act requires companies to disclose how long it would take to pay off your balance if you only make minimum payments.

What you can do is pay more than the minimum every month. Any extra cash you can add can take years off your debt.

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2. Failing to create a repayment plan

Rather than trying to stop paying credit card debt and stop worrying about it, focus on realistic repayment strategies. Without a clear strategy, it’s easy to get overwhelmed and sidetracked. With a strategy, you can pay off debt faster and more efficiently.

Write down your debts including amount, interest rate, and due dates. Then decide if you want to pay off the smallest debt first (snowball method) or focus on bills with the highest interest rates first (avalanche method).

“The debt snowball works because personal finance is 80% behavior and 20% head knowledge. When you start knocking out those small debts, you build momentum and confidence. Pretty soon, you’re plowing through debt like a freight train!”

– Dave Ramsey

Either way, pay your creditors as soon as you receive your paycheck. Do not wait till the end of the month when you may have already spent the money. If you have any extra money at the end of the month, throw that towards your debts, too.

3. Not negotiating with creditors

Many people don’t realize that financial institutions offer options to help you pay back what you owe. They will even negotiate credit card debt with consumers.

Call your creditors and ask about a payment or hardship plan. These plans can reduce interest rates, waive fees, or move due dates to make paying off your balances more manageable.

You can also request forgiveness for credit card debt. Credit card debt forgiveness is when you pay a lump sum that is less than what you owe, and your creditor forgives the remaining balance. This is also known as debt settlement.

Settlement has its drawbacks. It can lower your credit score, you may owe income tax on the forgiven debt, and you’ll pay fees if you work with a debt settlement company. Even so, it may be worth pursuing if you have no other way to pay off credit card debts.

Remember, credit card companies will negotiate. It is better for them to work out a payment plan or settlement with you and get paid than to risk bankruptcy and receive nothing at all.

4. Overlooking debt consolidation options

Consolidating debt can lower your monthly payments and save you money on interest. You can take out a personal loan to pay off credit card debt or apply for a balance transfer credit card. With a balance transfer card, you move outstanding balances to a new card with a low ot 0% introductory APR.

Why consolidate debt?

Simplify finances with a single monthly payment
Less likely to miss due dates
Receive a lower interest rate

Why it isn’t always best:

Balance transfer cards and loans come with fees
Need good to excellent credit to get a lower interest rate
A longer repayment term may mean paying more interest overall

Debt consolidation can help you get out of debt for less, if you do it right. Check to make sure you will save money and be sure to make payments every month.

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5. Using your cards while paying off credit card debt

You’re digging into a bigger hole when you continue to charge items while paying off debt. You will have to pay interest on the new purchases as you continue to pay down your old balance. With interest rates on new cards averaging 24.33% APR, according to LendingTree, this will add up quickly.

To fully commit to repaying debt, you need to stop using credit. Cut up your cards or literally freeze them so you won’t be tempted to spend money. Stick to debit cards and cash.

6. Ignoring the statute of limitations

All debts have a statute of limitations, which is the legal time frame creditors have to sue you over unpaid accounts. The statute of limitations on credit card debt typically ranges from three to six years, depending on the state.

Once the statute has passed, the debt is considered time-barred. You are no longer legally obligated to pay it, and creditors cannot take legal action.

If your debt is time-barred, exercise caution when dealing with creditors or debt collectors. Making a partial payment or even acknowledging the debt can inadvertently restart the clock.

If you can afford to pay the debt, do so. Paying it will remove the negative mark from your credit report, helping your score and stopping collectors from calling you.

7. Waiting to build emergency savings

It may seem counterintuitive to save while trying to pay off credit card debt, but it’s very important. An emergency fund means you don’t need to borrow money the next time an unexpected expense pops up. And they will come up.

How much you should save while paying off debt varies. A good rule of thumb is to set aside three to six months of expenses. If you’re deep in debt, save up $500 or $1,000 before splitting your efforts between debt payment and savings.

An emergency fund is well worth it since it will help you stay out of debt in the future.

8. Closing old accounts once the balance is paid off

When you’re no longer using an old account, it may sound like a smart move to close it. Think twice, as it can hurt your score.

When you close an account, you shorten the average length of your credit history – how long you’ve had accounts. Lenders like it when you have a long credit history because it gives them more data to determine your risk as a borrower. Shortening your credit history can lower your score.

Closing an account will also affect your credit utilization ratio. Your utilization ratio is the second most significant factor in determining your credit score. It is calculated both per card and cumulatively across all credit card accounts. Closing an account reduces your cumulative credit limit, which can increase your credit utilization rate and negatively impact your credit score.

The exception to the rule is if your card has a high annual fee. Then, it may be better to take the hit to your credit and close the account.

Bad credit holding you back?

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9. Wasting extra cash

Whenever you receive extra cash, such as a bonus, tax refund, or gift, use it to repay debt. It’s tempting to spend it on yourself, but hold off for a bit. The more money you put towards outstanding balances, the more you’ll save on interest.

You can do the same with credit card rewards. Redeem them as a statement credit to reduce your balance faster.

If you still need extra money, consider taking on a side hustle. Look into jobs like DoorDash and TaskRabbit, which allow you to set your own schedule and don’t require a significant amount of time. Any extra cash you can find will help you pay off debt faster.

Next steps for financial success

Now that you’ve paid off your debt, don’t fall back into old patterns. Maintain the mindful spending habits you’ve built. Being aware of your spending and living within your means will help prevent you from falling back into debt.

Take the money that you were paying your creditors every month and pay it towards yourself. Put it in a retirement account like a 401(k) or IRA to secure your future. Or add it to the emergency savings fund till you have six months of expenses saved up.

As you’re building up your savings, build up your credit. Use your credit card sparingly so that your utilization stays well below 30%. Pay all your bills on time and in full. Your score will steadily improve. If you want to avoid credit cards for a while longer, consider taking out a credit-builder loan or reporting rent to boost your score.

The sooner you learn about your options to get out of debt, the sooner you can start building a more secure financial future. Don’t dwell on past mistakes, but move forward with your new and improved spending habits.

Frequently asked questions

1. What are some of the major mistakes people make with their credit cards?

A few major mistakes people make with credit cards are carrying a balance, only paying the minimum due, or missing a payment. All of these tendencies can result in higher interest costs and damage your credit score as well. Spending too much is another big one. You should never get close to your limit. Aim to spend 30% of less of your available credit and pay in full every month.

2. How can I get help with credit card debt?

You can seek help from nonprofit credit counseling agencies, which offer free or low-cost personal finance advice and debt management plan. Creditors may also offer hardship programs or payment plans.

3. What are credit card debt relief programs?

Debt relief programs help reduce or manage what you owe. Options include consolidation loans, debt settlement, debt management plans, and hardship programs. All of these aim to lower the amount due and make payments more manageable. Be cautious, as certain debt relief programs cost money and can negatively impact your credit score.

4. What if I can’t afford my credit card payments?

Contact your card issuer and request a hardship or payment plan that you can afford. Many creditors are willing to work with consumers to resolve their financial difficulties. You can also contact a credit counseling agency and enroll in a debt management plan. Don’t be ashamed to ask for help. Professionals can guide you through how to pay off debt with no money, without falling further behind.

5. What’s the worst thing that happens when you don’t pay off credit card debt?

When you don’t pay off credit card debt, you will severely damage your credit score. A poor score makes it harder and more expensive to borrow in the future. Your debt load will also increase due to late fees and penalty APRs. When you fall far enough behind, your account may be sent to collections and your creditors may sue you. If they win the lawsuit, they can pursue wage garnishment or liens on your bank account.

Bottom line

Paying off debt is hard. It takes work and consistent effort. Set yourself up for success by having a plan to pay off your credit cards efficiently.

Create a reasonable budget, reduce your spending, and put all extra cash towards repaying debts. Don’t forget to celebrate small wins. Taking joy in your progress helps you stay motivated so you don’t fall back into bad habits.

It will take time, but you can repay what you owe. Once there, continue to add to your emergency fund so next time you need cash, you have a safety net to fall back on.

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Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor's credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor's degree in journalism and an MBA.

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Paying Off Credit Card Debt? Stop Making These 9 Mistakes

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