Strategies for Paying Off Credit Card Debt Before the New Year

As the year draws to a close, many individuals are looking for effective ways to eliminate their credit card debt. With only a few weeks left in the year, there are several strategies that can help consumers pay off their remaining balances, particularly for those with smaller debts. While these methods may not completely resolve larger debts, they can significantly reduce outstanding balances.

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While these strategies can be beneficial, critics argue that they may not be sufficient for individuals with significant credit card debt. Relying on cash-back rewards or selling items may not yield enough funds to make a substantial impact. Additionally, the time required to sell items or find freelance work may not align with the urgency of debt repayment.

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CNBC Select emphasizes the importance of making informed financial decisions and suggests that even small payments can help mitigate interest accumulation on credit card balances. The organization aims to provide comprehensive consumer advice to assist readers in maximizing their financial resources.

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• “If you're *this close* to paying off your credit card balance and want to walk into the new year debt-free, there are a handful of small, but helpful, steps you can take in these last couple weeks you have left.” — CNBC Select

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• “Even if your bonus only makes a good dent in your credit card debt but doesn't clear it completely, you're lowering your balance and thus how much additional interest can accrue.” — CNBC Select

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In conclusion, as the new year approaches, individuals have various strategies at their disposal to tackle credit card debt. By leveraging points, cash-back opportunities, selling unused items, freelancing, and utilizing holiday bonuses, consumers can work towards a debt-free start to the new year.

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