How to Get Out of Credit Card Debt Fast

The average credit card interest rate is now over 21% APR. If you carry a $5,000 balance and only make minimum payments, you'll pay over $9,000 in interest and take 17+ years to pay it off. Here's how to escape the trap fast.

Step 1: Stop Adding New Debt

Put your credit cards in a drawer, delete them from your browser, or freeze them in a block of ice. You can't fill a hole while digging it deeper. Commit to paying cash (or debit) while you pay off the debt.

Step 2: Balance Transfer to 0% APR Card

Many cards offer 0% intro APR for 15-21 months on balance transfers. If you qualify, transfer your high-interest balance and pay it down with zero interest. Chase Slate Edge, Citi Diamond Preferred, and Wells Fargo Reflect are popular options. There's usually a 3-5% transfer fee, but it's worth it at 20%+ APR.

Step 3: Debt Consolidation Loan

If you don't qualify for a 0% transfer, a personal loan at 8-12% is still much better than 21% credit cards. Banks, credit unions, and online lenders like SoFi, Marcus, and LightStream offer personal loans for debt consolidation.

Step 4: Attack with Avalanche or Snowball

• Avalanche: Pay minimums on all cards, attack highest interest rate first (saves most money)
• Snowball: Pay minimums on all cards, attack smallest balance first (psychological wins)
• Either works — the best method is the one you'll stick with

Step 5: Find Extra Money to Accelerate

• Sell items you don't use on eBay, Facebook Marketplace, or Craigslist
• Pick up overtime or a side gig temporarily (delivery, freelancing)
• Temporarily cut subscription services and discretionary spending
• Apply any tax refund, bonus, or gift money directly to debt