After many years my towel rack couldn't take it anymore. So I decided to remove the bar entirely. Make sure to clear the surface of any debris. Sand down if necessary to create a smooth surface.
The spackle will go on pink and turn white when it is dry. Allow 1-5 hours between coats. I recommend 2 coats for a small job.
Apply spackle as smooth as possible (trying to fill as much of the whole as you can). But don't worry it doesn't have to be perfect
This is mostly dry. Notice it turns from pink to white as it dries.
Sand down the area until its smooth
Paint desired color and its just like brand new! The paint may appear a different shade at first but once it's completely dry it'll blend perfectly.