Make an action plan to pay off your credit cards-here's how!

February 5, 2016 | Brenda Link

A woman diagramming the concepts of idea, plan and action.

Finding the right Credit Card can be very exciting! Before you sign the dotted line, ask yourself what purchases you might make with your new line of credit and what perks could be available. A Mission Fed MasterCard® Platinum Credit Card can earn you Mission Rewards points that can lead towards exciting travel adventures, cash back, discounts at your favorite stores or you can choose to donate your Mission Rewards points to a local school. Your credit card can also help you make larger purchases, like a new laptop, or help in case of an emergency or unforeseen expense.

Be confident when planning your budget, knowing that if an unforeseen expense, like a car repair or a new washing machine arises, you’ll be able to stay on track and responsibly purchase necessities. It’s important to remember that your credit card is a loan, and you have to pay that money back, often with interest. If you make it a habit of reaching for your credit card without monitoring your spending, you may end up with credit card debt larger than you anticipated.

If you’re ready to cut down your credit card debt, here are a few tips that may help you do so:

  1. Organize your expenses and make an action plan!
    Add your committed expenses (utilities, credit card, Auto Loan, Home Loan, etc.) to Online Banking and write down your variable costs (morning coffee, restaurant meals, entertainment and travel) to see a complete list of what your expenses total in a month.

    Review your usual spending habits and identify areas you can reduce or eliminate by making your coffee at home or bringing leftovers to work instead of eating out. Repurpose the monthly difference and place it towards your credit card debt because being healthy is more than physical-it's financial!

  2. Get creative with your payment schedule.
    Line up your payments with your paychecks, so you don’t have to worry about not having enough money to pay your bill on time. If you're paid every week or twice a month, schedule your payments using Online Banking to pay smaller amounts at a time that total your monthly payment due.

    Paying on a biweekly schedule, would equal 26 payments throughout the year and 13 months’ worth of payments instead of 12 and could result in paying your balance off quicker. You can also pay as you spend or automate payments.

  3. Pay more when you can—seeing your debt go down really is exciting!
    Holiday bonuses and lucky happenstances (like $1 Million Mission Fed Money Match, where we match members for their Credit Card purchases and other items throughout the year) allow you the opportunity to pay off more of your debt without going over your budget.

  4. Simplify your credit card debt by consolidating to one line of credit or loan.
    If you have multiple credit cards, you’re dealing with different payments and interest rates. Take advantage of consolidating your debt to one credit card. Look for special offers like 0% Introductory APR on purchases and balance transfers on new Mission Fed MasterCard® Platinum or Preferred Platinum Credit Cards through February 17, 2016, to save even more!

Cutting down your credit card debt deserves a pat on the back. Make sure to create a strong action plan you can stick with and track your progress to see how far you’ve come. Paying off your debt is a process, and your success is our bottom line. Mission Fed is here to help you achieve your financial goals. Visit a branch, go online or call us today to get started!


Link, Brenda. “What you should know before deciding on which Credit Card is right for you.” Mission Federal Credit Union Live Smart. Bank Smart. Blog.

Peterson, Erin. “8 steps to reducing credit card debt.”

Peterson, Erin. “Cut your credit card debt using micropayments.”

The content provided in this blog consists of the opinions and ideas of the author alone and should be used for informational purposes only. Mission Federal Credit Union disclaims any liability for decisions you make based on the information provided. All accounts and loans are subject to approval.

Brenda Link

Brenda Link

Brenda Link is VP of Card Services and ATM Management for Mission Federal Credit Union. She has over 25 years of financial experiences that include Retail Banking, Merchant Services, Lending, Credit Card Operations and ATM Administration.

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