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The holidays are over, and you’ve had a great time. But, the dreaded credit card statement has arrived, and you wonder how you’re going to pay it off.

The happy holiday memories suddenly disappear. Paying off your credit card debt is hard. It takes a lot of discipline.

Paying off credit card debt requires more than paying off the minimum each month. That barely covers the interest. Most credit card providers require you to repay around 2–4% of the balance each month, although they are required to outline how much more you will pay if only the minimum is paid. With interest rates averaging around 15-20% pa, most of your payments will reduce a portion of the interest with only a small amount applied to the debt. It will take literally years to pay it off! You might have noticed they have to state how long on your credit card statements nowadays.

Here are a few ideas on how to pay off credit card debt quickly:

Hide it before you spend it

Arrange for an automatic transfer from your pay to a separate account so you never see the money. Use that account in paying off your credit card debt. Alternatively, schedule an automatic deduction from your cash account to your credit card every pay day. If the money isn’t there, you can’t spend it.

Save the little bits

Put all the coins you get in change into a savings jar. Preferably one you can’t open, like the piggy bank of your childhood. You’ll be surprised at how quickly it adds up, and every time you add to your pot, you’ll be reminded of your goal. When it’s full, attribute the entire contents to your debt. You could also collect cans and bottles for 10 cents a piece.

Sell something

Everyone has things we really no longer need—forgotten gym equipment, a bicycle we never ride, an unused musical instrument, and so on. Do it online on Gumtree or Facebook Marketplace, or have a big clean out and stage a garage sale. It will feel better anyway.

Spend less

Careful spending doesn’t need to impact on your lifestyle. Try these ideas:

Check the supermarket catalogues and buy the brands on special. What about Aldi?

Cook at home rather than at restaurants or buying take-away. Plan ahead.

Lay-by birthday and Christmas gifts during the store’s sales.

Check out upmarket clothing recycling stores; they often have designer clothes at bargain prices. No-one will ever know.

Use windfalls

Every now and then, a chunk of money comes your way – back-pay, a bonus, or a tax refund. It’s alright to give yourself a treat, but put most of it towards your debts first.

Ask for help

If all else fails, talk to your credit card provider about other ways in paying off your credit card debt. They want to be repaid and may be prepared to make special arrangements for you.

When you allow credit card debt to pile up, you are basically robbing yourself of money in the future. Paying off credit card debt as soon as possible can not only save you money on interest, but it will also help you maintain a good credit score (or credit rating) and credit report.

Then when your next holiday rolls around, your credit card will be squeaky clean, ready for you to have fun without any debt guilt.

Hiring a financial adviser to assist you in developing a debt reduction strategy and a long-term financial plan is an excellent way to bring your debt under control. Their knowledge and experience will assist you in determining the best path to financial independence.