Americans collectively carry over $1 trillion in credit card debt, according to the latest Federal Reserve Bank of New York Household Debt and Credit Report. With the average credit card APR sitting above 20%, this is a significant financial burden for many people.
Making only the minimum payment can dramatically extend your payoff timeline. To climb out of debt on a reasonable timeline, a plan that allows you to increase your monthly card payments is essential.
With the right plan, you can make paying off your credit card debt easier by using products that lower your APR. Just pay attention to the costs and realize that these products aren’t available to everyone.
How to get out of credit card debt
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Create a sustainable plan
Before you look into any products to help address your credit card debt, it’s important to rethink your approach to managing money. Otherwise, you risk just moving your debt from one financial institution to another and ending up in a similar situation.
Finding a good money management tool and creating a budget that helps you see where your money is going is a good first step. I like the zero-based budgeting method because it helps me figure out what my money is for before bills are due.
My car will need new tires in a year, and my car insurance is due in six months; both of those are big irregular expenses. I can’t pay those bills with a single paycheck and still have money leftover for rent, groceries and gas, but I can afford to set aside 1/6th or 1/12th of the expense each month.
It’s important to prioritize increasing your credit card payment. The average amount of credit card debt in America is over $6,000 according to Experian, and the average cardholder who was assessed interest pays an APR of over 22%, according to the Federal Reserve. In this situation, a typical minimum payment could be $170 (interest plus 1% of the card balance) and would take four years and 10 months to pay off. Over that time, you’ll pay roughly $3,745 in interest.
If you can create a budget that boosts your minimum payment by $100 a month, you’ll be credit card debt free in only two years and five months (assuming the APR stays the same). You’d pay $1,969 less in interest, which makes it easier to prepare for unexpected expenses and helps you avoid falling into credit card debt in the future.
Credit counseling services
A nonprofit credit counseling company may be helpful if you’re struggling to formulate a plan or feel like you need outside help. These organizations can help you craft a budget and create a debt management plan.
An initial consultation is typically free, but there are usually other costs for these services, including setup fees and monthly charges. So be sure to understand the cost before you commit. You can find reputable agencies through organizations like the Financial Counseling Association of America (FCAA) and National Foundation of Credit Counselors (NFCC).
American Consumer Credit Counseling
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Highlights
In business since 1991, ACCC offers debt management plans, financial education, bankruptcy counseling and other services. According to the company, clients collectively paid off $248 million in 2025 alone.
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Minimum debt
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Fees
One-time $39 enrollment fee and $7 monthly maintenance charge per enrolled account ($70 maximum)
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Availability
All 50 U.S. states and Washington, D.C.
Pros
- Offers guidance on student loan debt, retirement, ID theft, budgeting and more
- Has counsellors who specialize in military personnel.
- CreditU mobile app features budgeting tools and lets you track your debt.
Cons
- Monthly fee charged per account, can reach $70
- Not all creditors accept proposals for debt management plans.
- Clients must close any enrolled credit cards
GreenPath Financial Wellness
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Highlights
Founded in 1961, GreenPath offers free financial consultations, debt management plans and HUD-certified housing counselors.
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Minimum debt
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Fees
On average, clients are charged a one-time setup fee of $35 and a $31 monthly fee.
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Availability
All 50 U.S. states, Washington, D.C. and Puerto Rico
Pros
- More than six decades in the industry
- On average, saves clients $199 in monthly minimums and $29,700 in interest.
- Offers housing support
- Operates nationwide
Cons
- Not all creditors accept proposals for debt management plans.
- Clients must close any enrolled credit cards
Products that can help alleviate credit card debt
0% Intro APR cards
A credit card with an intro APR offer can help you pay off your credit card debt more quickly. The key to making a 0% intro APR offer work for you is planning to pay it off before the intro APR expires.
You’ll typically need a good to excellent credit score to qualify, and there are other caveats to consider. If you want to transfer a balance, there is typically a balance transfer fee of 3% to 5%, which eats away at your savings. You also typically can’t transfer a balance between credit cards issued by the same financial institution. There are credit cards with no balance transfer fee, but they usually don’t offer a zero-interest period.
The top balance transfer credit cards offer a 0% intro APR for 21 months. The Citi® Diamond Preferred® Card is among the best balance transfer cards because it offers a 21-month 0% intro APR on balance transfers and 12 months on purchases from the date of account opening (16.74% to 27.49% variable APR after). It offers an intro balance transfer fee of 3% (minimum $5) on transfers completed within the first four months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
The Citi® Diamond Preferred® Card has an exceptionally long intro-APR for balance transfers and is also notable for its reasonable 3% intro fee for balance transfers.
- One of the longest intro-APR offers for balance transfers
- Lower intro balance transfer fee
- No annual fee
- No rewards
- No welcome bonus
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select’s editorial staff.
- 0% Intro APR on balance transfers for 21 months and on purchases for 12 months from date of account opening. After that the variable APR will be 16.74% – 27.49%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
- There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
- No Annual Fee – our low intro rates and all the benefits don’t come with a yearly charge.
- Buy now and pay later. Split your payment for eligible purchases of $75 or more into a fixed payment with Citi® Flex Pay.
- Get free access to your FICO® Score online.
Balance transfer fee
There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Foreign transaction fee
The Wells Fargo Reflect® Card comes with a 0% intro APR for 21 months on both purchases and qualifying balance transfers (followed by a variable APR of 17.74%, 24.24% or 28.49%). Balance transfers made within 120 days qualify for the intro rate, and a balance transfer fee of 5% (min. $5) applies.
The Wells Fargo Reflect® Card is one of the absolute best cards you can apply for if you want to save on interest and pay down debit quickly thanks to its extra generous intro-APR offer on purchases and qualifying balance transfers.
- Incredible intro-APR for purchases and qualifying balance transfers
- No annual fee
- Cell phone insurance: up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible
- No rewards
- No welcome bonus
- High balance transfer fee
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select’s editorial staff.
- Apply Now to take advantage of this offer and learn more about product features, terms and conditions.
- 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. 17.74%, 24.24%, or 28.49% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate, BT fee of 5%, min: $5.
- $0 annual fee.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
- Through My Wells Fargo Deals, you can get access to personalized deals from a variety of merchants. It’s an easy way to earn cash back as an account credit when you shop, dine, or enjoy an experience simply by using an eligible Wells Fargo credit card.
Balance transfer fee
Foreign transaction fee
Debt consolidation loans
Debt consolidation loans can help you pay off debt by simplifying your current debts into a single loan and payment. You may also be able to secure a lower interest rate compared to what you pay on your credit card. Just like with intro APR credit cards, having a higher credit score is better. The better your credit, the lower your interest rate will be.
Anytime you can pay less interest, it can shorten your credit card debt payoff timeline. However, the interest rate of a debt consolidation loan is just one number to pay attention to.
Fees can be surprisingly costly, so be sure there aren’t any early payment penalties and pay attention to origination fees. Origination fees are usually deducted from the amount you receive and can be up to 10% of the loan amount or higher if you have bad credit.
For a quick turnaround, LightStream offers same-day loans and is CNBC Select’s choice for the best debt consolidation lender for fast funding. If you have a lower credit score, a lender like Achieve is an option, as it offers consolidation loans to borrowers with FICO Scores of 560.
We like that LightStream offers competitive APRs, no late or origination fees and long loan term options. But you can’t prequalify and the loan minimum may be too high if you only need to borrow a small amount.
- Same-day funding available.
- Loan amounts up to $100,000.
- No origination fee or late fee.
- The minimum loan amount is $5,000.
- Prequalification not available.
- No option to pay your creditors directly.
If you don’t have excellent credit, Achieve is a good option — it accepts borrowers with bad credit, as well as applicants with co-borrowers or co-signers, which can help improve the odds of approval and favorable rates. If you don’t need a large loan, however, Achieve’s $5,000 loan minimum may mean you need to look elsewhere.
- Works with borrowers with 560 FICO Score.
- Allows co-borrowers.
- Rate discount available for direct creditor pay-off.
- Charges an origination fee.
- Cannot use collateral
- Loans are not available in all states
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