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How to Pay off Credit Card Debt When You Have Limited Cash?

Epic Loans Editorial Team

How to pay credit card debt with no cash?

According to the Bureau of Labor Statistics (BLS), payroll employment in the US declined by 9.4 million in 2020. Approximately 1.4 million to 2.1 million small businesses could have shut shop during the first four months.

Unexpected life incidents such as an illness, accident, or loss of employment can drain money from insurance, bank accounts, and credit cards. During COVID-19, a huge population in the US saw a decline or a complete loss of income.

This article explains how to pay off credit card debt in such situations.

Create a Realistic Budget

All individuals, employees, and business owners need to have a clear view of their fixed and variable expenses. Regardless of their income, debt can creep up at the end of the month. Statistics show that 8% of men and 15% of women in America have less than $100 in their savings accounts.

Setting realistic goals for each month on paper is a very helpful practice if you are looking to pay off credit card debt with no money available. You can categorize the expenses but keep some buffer money for that extra wiggle room.

A system that tracks the expenditure can help you realistically decide how much to spend on a credit card. Use the extra savings to pay the monthly credit card bills. Consider using the 50/30/20 rule for the monthly budget. This means you spend 50% on necessities, 30% on wants, and keep 20% in savings.

Reduce your Expenses

With all the expenses on paper, it is easy to figure out where to cut back immediately. For example, if you are spending $150 a month on dining out, $100 on movies, and $150 on gas, it totals $400. By making the small change of taking public transport, you can bring this down to $100 – $150 per month.

This will help you pay the credit card debt and build an emergency fund.

pay credit card debt with no money

Negotiate Credit Card Interest Rates

Credit card interest rates are negotiable! If you have a good relationship with the bank and hold a good credit score, you can write to them asking for a lower Annual Percentage Rate.

Reduce Monthly Bills

While monthly expenses are mostly necessities, small lifestyle changes could help pool the much-needed savings. With most stores running lucrative online discounts, etc., you can expect some relief even in the essential expenditure.

1. Use seasonal offers –

Keep an eye out for promotional offers such as Black Friday Sale and consumer loyalty discounts from the vendor. Use the credits you have accumulated and the special combo packages available. This is especially applicable in groceries and utility services.

2. Negotiate better rates –

If you are a regular consumer of internet and mobile phone services from a certain vendor, call and ask for special rates. Most businesses will not let you go to a competitor and offer you a better rate for retention. If you do not get it, consider changing your service provider.

3. Lower the interest rate on debt –

 If your credit history is good and you are facing a temporary cash crunch, you can negotiate a lower interest rate from your credit card company. If that does not work, you can consolidate credit card debt using a personal loan with a significantly lower interest rate. You can also use a balance transfer credit card to save money.

Read More: How to Negotiate Credit Card Debt

Start an Extra Income

Many skills are transferable and even valuable in other disciplines. List these skills and look for opportunities that allow online and part-time engagement. For example, you may know coding, content writing, graphic designing, AI prompt writing, etc.

You can also work for solopreneurs or small businesses over weekends. Several employers are looking for contract employees. These opportunities could be easily found online.

Look for Government and Non-Profit Programs

You can connect with an agent at a non-profit organization to know the available opportunities and assistance in your city. If you are going through a financially tough situation, government agencies and non-profit organizations can help cover some of your basic needs, such as rent, utility bills, groceries, etc.


Financial strains are unpredictable and drain the accounts rapidly. There is no reason to panic if you have planned your finances well. When you do not have any cash but must pay credit card bills, you can choose any of the options above. Read more about credit card debt consolidation loan at EPIC Loans.

Frequently Asked Questions:

How to pay off credit card debt with no money?

a. Speak to your credit card company for an interest rate reduction
b. Consolidate the debt through a personal loan or balance transfer credit card
c. Lower your monthly expenses and utility bills
d. Take an extra job online or offline
e. Approach the government agencies or non-profit organizations for help
f. Stop using the credit card till the time you pay off the dues

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