Credit Card Debt Study

In order to pay off $2,000 in credit card debt within 36 months, you need to pay $72 per month, assuming an APR of 18%. While you would incur $608 in interest charges during that time, you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.

The average length of a 0% APR balance transfer intro period is 13 months, according to WalletHub's Credit Card Landscape Report, and the average balance transfer fee is 2.44% of the transferred amount. Below, you can see how much you could save while paying off $2,000 over different time frames, assuming a 12-month 0% APR period, a 3% balance transfer fee, and an 18% regular APR.

Paying Off $2,000 with a 0% APR Balance Transfer Card

Of course, these aren't the only timelines that you could commit to with $2,000 in debt. To price out more options, try WalletHub's debt payoff calculator. This calculator can also help you decide if transferring the $2,000 in debt to a 0% APR balance transfer credit card would save you money.

Getting a 0% APR credit card isn't the only way to pay off $2,000 in debt. In fact, there are many options to consider, each suited for slightly different situations.

Ways to Pay Off $2,000 in Credit Card Debt

1. 0% APR Credit Card

0% APR credit cards allow cardholders to avoid interest while paying down their debts. These cards can offer 0% introductory periods on new purchases or balance transfers for up to 20 months.

Keep in mind, however, that you may pay a fee for balance transfers, usually around 3% of the transferred amount. Also, if you decide to transfer your debt to one of these credit cards, do your best to pay it off before the typically-high regular interest rate kicks in.

2. Personal Loan

Personal loans can be used to pay off $2,000 in credit card debt, assuming you can qualify for a big enough loan with a lower interest rate than your current credit card interest rate. This depends heavily on your creditworthiness.

3. Debt Settlement

Debt settlement is when the debtor negotiates with the creditor to pay a lump-sum that covers less than the total amount of the debt. In return, the creditor will forgive part of the debt, as well as other outstanding fees. This option is good for people who have enough money to make a large payment all at once. When taking this route, just be careful not to overextend yourself financially, or you'll likely just end up back in debt.

4. Debt Management Plan

Debt management plans allow the cardholder and the lender to amend the original payment agreement by lengthening the repayment term, lowering the interest rate, and perhaps even waiving fees. Each of these modifications is meant to make the repayment process more manageable for the cardholder. Keep in mind, though, that cardholders are still expected to pay the full $2,000 with these plans.

5. Bankruptcy

Bankruptcy should only be used as a last resort. While declaring bankruptcy may help you clear your debt, it will also damage your credit score for years.

In order to pay off $3,000 in credit card debt within 36 months, you need to pay $109 per month, assuming an APR of 18%. While you would incur $912 in interest charges during that time, you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.

The average length of a 0% APR balance transfer intro period is 13 months, according to WalletHub's Credit Card Landscape Report, and the average balance transfer fee is 2.44% of the transferred amount. Below, you can see how much you could save while paying off $3,000 over different time frames, assuming a 12-month 0% APR period, a 3% balance transfer fee, and an 18% regular APR.

Paying Off $3,000 with a 0% APR Balance Transfer Card

Of course, these aren't the only timelines that you could commit to with $3,000 in debt. To price out more options, try WalletHub's debt payoff calculator. This calculator can also help you decide if transferring the $3,000 in debt to a 0% APR balance transfer credit card would save you money.

The best way to pay off $3,000 in debt fast is to use a 0% APR balance transfer credit card because it will enable you to put your full monthly payment toward your current balance instead of new interest charges. As long as you avoid adding new debt, you can repay what you owe in a matter of months.

Getting a 0% APR credit card isn't the only way to pay off $3,000 in debt, though. In fact, there are many options to consider, each suited for slightly different situations

Ways to Pay Off $3,000 in Credit Card Debt

1. 0% APR Credit Card
2. Personal Loan
3. Debt Settlement
4. Debt Management Plan
5. Bankruptcy

0% APR Credit Card

0% APR credit cards allow cardholders to avoid interest while paying down their debts. These cards can offer 0% introductory periods on new purchases or balance transfers for up to 20 months.

Keep in mind, however, that you may pay a fee for balance transfers, usually around 3% of the transferred amount. Also, if you decide to transfer your debt to one of these credit cards, do your best to pay it off before the typically-high regular interest rate kicks in.

Personal Loan

Personal loans can be used to pay off $3,000 in credit card debt, assuming you can qualify for a big enough loan with a lower interest rate than your current credit card interest rate. This depends heavily on your creditworthiness.

Debt Settlement

Debt settlement is when the debtor negotiates with the creditor to pay a lump-sum that covers less than the total amount of the debt. In return, the creditor will forgive part of the debt, as well as other outstanding fees. This option is good for people who have enough money to make a large payment all at once. When taking this route, just be careful not to overextend yourself financially, or you'll likely just end up back in debt.

Debt Management Plan

Debt management plans allow the cardholder and the lender to amend the original payment agreement by lengthening the repayment term, lowering the interest rate, and perhaps even waiving fees. Each of these modifications is meant to make the repayment process more manageable for the cardholder. Keep in mind, though, that cardholders are still expected to pay the full $3,000 with these plans.

Bankruptcy

Bankruptcy should only be used as a last resort. While declaring bankruptcy may help you clear your debt, it will also damage your credit score for years.

In order to pay off $10,000 in credit card debt within 36 months, you need to pay $362 per month, assuming an APR of 18%. While you would incur $3,039 in interest charges during that time, you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.

The average length of a 0% APR balance transfer intro period is 13 months, according to WalletHub's Credit Card Landscape Report, and the average balance transfer fee is 2.44% of the transferred amount. Below, you can see how much you could save while paying off $10,000 over different time frames, assuming a 12-month 0% APR period, a 3% balance transfer fee, and an 18% regular APR.

Paying Off $10,000 with a 0% APR Balance Transfer Card

Of course, these aren't the only timelines that you could commit to with $10,000 in debt. To price out more options, try WalletHub's debt payoff calculator. This calculator can also help you decide if transferring the $10,000 in debt to a 0% APR balance transfer credit card would save you money.

Getting a 0% APR credit card isn't the only way to pay off $10,000 in debt. In fact, there are many options to consider, each suited for slightly different situations.

Ways to Pay Off $10,000 in Credit Card Debt

1. 0% APR Credit Card
2. Personal Loan
3. Debt Settlement
4. Debt Management Plan
5. Bankruptcy

0% APR Credit Card

0% APR credit cards allow cardholders to avoid interest while paying down their debts. These cards can offer 0% introductory periods on new purchases or balance transfers for up to 20 months.

Keep in mind, however, that you may pay a fee for balance transfers, usually around 3% of the transferred amount. Also, if you decide to transfer your debt to one of these credit cards, do your best to pay it off before the typically-high regular interest rate kicks in.

Personal Loan

Personal loans can be used to pay off $10,000 in credit card debt, assuming you can qualify for a big enough loan with a lower interest rate than your current credit card interest rate. This depends heavily on your creditworthiness.

Debt Settlement

Debt settlement is when the debtor negotiates with the creditor to pay a lump-sum that covers less than the total amount of the debt. In return, the creditor will forgive part of the debt, as well as other outstanding fees. This option is good for people who have enough money to make a large payment all at once. When taking this route, just be careful not to overextend yourself financially, or you'll likely just end up back in debt.

Debt Management Plan

Debt management plans allow the cardholder and the lender to amend the original payment agreement by lengthening the repayment term, lowering the interest rate, and perhaps even waiving fees. Each of these modifications is meant to make the repayment process more manageable for the cardholder. Keep in mind, though, that cardholders are still expected to pay the full $10,000 with these plans.

Bankruptcy

Bankruptcy should only be used as a last resort. While declaring bankruptcy may help you clear your debt, it will also damage your credit score for years.

In order to pay off $7,000 in credit card debt within 36 months, you need to pay $254 per month, assuming an APR of 18%. While you would incur $2,127 in interest charges during that time, you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.

The average length of a 0% APR balance transfer intro period is 13 months, according to WalletHub's Credit Card Landscape Report, and the average balance transfer fee is 2.44% of the transferred amount. Below, you can see how much you could save while paying off $7,000 over different time frames, assuming a 12-month 0% APR period, a 3% balance transfer fee, and an 18% regular APR.

Paying Off $7,000 with a 0% APR Balance Transfer Card

Of course, these aren't the only timelines that you could commit to with $7,000 in debt. To price out more options, try WalletHub's debt payoff calculator. This calculator can also help you decide if transferring the $7,000 in debt to a 0% APR balance transfer credit card would save you money.

Getting a 0% APR credit card isn't the only way to pay off $7,000 in debt. In fact, there are many options to consider, each suited for slightly different situations.

Ways to Pay Off $7,000 in Credit Card Debt

1. 0% APR Credit Card
2. Personal Loan
3. Debt Settlement
4. Debt Management Plan
5. Bankruptcy

0% APR Credit Card

0% APR credit cards allow cardholders to avoid interest while paying down their debts. These cards can offer 0% introductory periods on new purchases or balance transfers for up to 20 months.

Keep in mind, however, that you may pay a fee for balance transfers, usually around 3% of the transferred amount. Also, if you decide to transfer your debt to one of these credit cards, do your best to pay it off before the typically-high regular interest rate kicks in.

Personal Loan

Personal loans can be used to pay off $7,000 in credit card debt, assuming you can qualify for a big enough loan with a lower interest rate than your current credit card interest rate. This depends heavily on your creditworthiness.

Debt Settlement

Debt settlement is when the debtor negotiates with the creditor to pay a lump-sum that covers less than the total amount of the debt. In return, the creditor will forgive part of the debt, as well as other outstanding fees. This option is good for people who have enough money to make a large payment all at once. When taking this route, just be careful not to overextend yourself financially, or you'll likely just end up back in debt.

Debt Management Plan

Debt management plans allow the cardholder and the lender to amend the original payment agreement by lengthening the repayment term, lowering the interest rate, and perhaps even waiving fees. Each of these modifications is meant to make the repayment process more manageable for the cardholder. Keep in mind, though, that cardholders are still expected to pay the full $7,000 with these plans.

Bankruptcy

Bankruptcy should only be used as a last resort. While declaring bankruptcy may help you clear your debt, it will also damage your credit score for years.

In order to pay off $40,000 in credit card debt within 36 months, you need to pay $1,449 per month, assuming an APR of 18%. While you would incur $12,154 in interest charges during that time, you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.

The average length of a 0% APR balance transfer intro period is 13 months, according to WalletHub's Credit Card Landscape Report, and the average balance transfer fee is 2.44% of the transferred amount. Below, you can see how much you could save while paying off $40,000 over different time frames, assuming a 12-month 0% APR period, a 3% balance transfer fee, and an 18% regular APR.

Paying Off $40,000 with a 0% APR Balance Transfer Card

Of course, these aren't the only timelines that you could commit to with $40,000 in debt. To price out more options, try WalletHub's debt payoff calculator. This calculator can also help you decide if transferring the $40,000 in debt to a 0% APR balance transfer credit card would save you money.

Getting a 0% APR credit card isn't the only way to pay off $40,000 in debt. In fact, there are many options to consider, each suited for slightly different situations.

Ways to Pay Off $40,000 in Credit Card Debt

1. 0% APR Credit Card
2. Personal Loan
3. Debt Settlement
4. Debt Management Plan
5. Bankruptcy

0% APR Credit Card

0% APR credit cards allow cardholders to avoid interest while paying down their debts. These cards can offer 0% introductory periods on new purchases or balance transfers for up to 20 months.

Keep in mind, however, that you may pay a fee for balance transfers, usually around 3% of the transferred amount. Also, if you decide to transfer your debt to one of these credit cards, do your best to pay it off before the typically-high regular interest rate kicks in.

Personal Loan

Personal loans can be used to pay off $40,000 in credit card debt, assuming you can qualify for a big enough loan with a lower interest rate than your current credit card interest rate. This depends heavily on your creditworthiness.

Debt Settlement

Debt settlement is when the debtor negotiates with the creditor to pay a lump-sum that covers less than the total amount of the debt. In return, the creditor will forgive part of the debt, as well as other outstanding fees. This option is good for people who have enough money to make a large payment all at once. When taking this route, just be careful not to overextend yourself financially, or you'll likely just end up back in debt.

Debt Management Plan

Debt management plans allow the cardholder and the lender to amend the original payment agreement by lengthening the repayment term, lowering the interest rate, and perhaps even waiving fees. Each of these modifications is meant to make the repayment process more manageable for the cardholder. Keep in mind, though, that cardholders are still expected to pay the full $40,000 with these plans.

Bankruptcy

Bankruptcy should only be used as a last resort. While declaring bankruptcy may help you clear your debt, it will also damage your credit score for years.

In order to pay off $9,000 in credit card debt within 36 months, you need to pay $326 per month, assuming an APR of 18%. While you would incur $2,735 in interest charges during that time, you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.

The average length of a 0% APR balance transfer intro period is 13 months, according to WalletHub's Credit Card Landscape Report, and the average balance transfer fee is 2.44% of the transferred amount. Below, you can see how much you could save while paying off $9,000 over different time frames, assuming a 12-month 0% APR period, a 3% balance transfer fee, and an 18% regular APR.

Paying Off $9,000 with a 0% APR Balance Transfer Card

Of course, these aren't the only timelines that you could commit to with $9,000 in debt. To price out more options, try WalletHub's debt payoff calculator. This calculator can also help you decide if transferring the $9,000 in debt to a 0% APR balance transfer credit card would save you money.

Getting a 0% APR credit card isn't the only way to pay off $9,000 in debt. In fact, there are many options to consider, each suited for slightly different situations.

Ways to Pay Off $9,000 in Credit Card Debt

1. 0% APR Credit Card
2. Personal Loan
3. Debt Settlement
4. Debt Management Plan
5. Bankruptcy

0% APR Credit Card

0% APR credit cards allow cardholders to avoid interest while paying down their debts. These cards can offer 0% introductory periods on new purchases or balance transfers for up to 20 months.

Keep in mind, however, that you may pay a fee for balance transfers, usually around 3% of the transferred amount. Also, if you decide to transfer your debt to one of these credit cards, do your best to pay it off before the typically-high regular interest rate kicks in.

Personal Loan

Personal loans can be used to pay off $9,000 in credit card debt, assuming you can qualify for a big enough loan with a lower interest rate than your current credit card interest rate. This depends heavily on your creditworthiness.

Debt Settlement

Debt settlement is when the debtor negotiates with the creditor to pay a lump-sum that covers less than the total amount of the debt. In return, the creditor will forgive part of the debt, as well as other outstanding fees. This option is good for people who have enough money to make a large payment all at once. When taking this route, just be careful not to overextend yourself financially, or you'll likely just end up back in debt.

Debt Management Plan

Debt management plans allow the cardholder and the lender to amend the original payment agreement by lengthening the repayment term, lowering the interest rate, and perhaps even waiving fees. Each of these modifications is meant to make the repayment process more manageable for the cardholder. Keep in mind, though, that cardholders are still expected to pay the full $9,000 with these plans.

Bankruptcy

Bankruptcy should only be used as a last resort. While declaring bankruptcy may help you clear your debt, it will also damage your credit score for years.

In order to pay off $1,000 in credit card debt within 36 months, you need to pay $36 per month, assuming an APR of 18%. While you would incur $304 in interest charges during that time, you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.

The average length of a 0% APR balance transfer intro period is 13 months, according to WalletHub's Credit Card Landscape Report, and the average balance transfer fee is 2.44% of the transferred amount. Below, you can see how much you could save while paying off $1,000 over different time frames, assuming a 12-month 0% APR period, a 3% balance transfer fee, and an 18% regular APR.

Paying Off $1,000 with a 0% APR Balance Transfer Card

Of course, these aren't the only timelines that you could commit to with $1,000 in debt. To price out more options, try WalletHub's debt payoff calculator. This calculator can also help you decide if transferring the $1,000 in debt to a 0% APR balance transfer credit card would save you money.

Getting a 0% APR credit card isn't the only way to pay off $1,000 in debt. In fact, there are many options to consider, each suited for slightly different situations.

Ways to Pay Off $1,000 in Credit Card Debt

1. 0% APR Credit Card
2. Personal Loan
3. Debt Settlement
4. Debt Management Plan
5. Bankruptcy

0% APR Credit Card

0% APR credit cards allow cardholders to avoid interest while paying down their debts. These cards can offer 0% introductory periods on new purchases or balance transfers for up to 20 months.

Keep in mind, however, that you may pay a fee for balance transfers, usually around 3% of the transferred amount. Also, if you decide to transfer your debt to one of these credit cards, do your best to pay it off before the typically-high regular interest rate kicks in.

Personal Loan

Personal loans can be used to pay off $1,000 in credit card debt, assuming you can qualify for a big enough loan with a lower interest rate than your current credit card interest rate. This depends heavily on your creditworthiness.

Debt Settlement

Debt settlement is when the debtor negotiates with the creditor to pay a lump-sum that covers less than the total amount of the debt. In return, the creditor will forgive part of the debt, as well as other outstanding fees. This option is good for people who have enough money to make a large payment all at once. When taking this route, just be careful not to overextend yourself financially, or you'll likely just end up back in debt.

Debt Management Plan

Debt management plans allow the cardholder and the lender to amend the original payment agreement by lengthening the repayment term, lowering the interest rate, and perhaps even waiving fees. Each of these modifications is meant to make the repayment process more manageable for the cardholder. Keep in mind, though, that cardholders are still expected to pay the full $1,000 with these plans.

Bankruptcy

Bankruptcy should only be used as a last resort. While declaring bankruptcy may help you clear your debt, it will also damage your credit score for years.

In order to pay off $5,000 in credit card debt within 36 months, you need to pay $181 per month, assuming an APR of 18%. While you would incur $1,519 in interest charges during that time, you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.

The average length of a 0% APR balance transfer intro period is 13 months, according to WalletHub's Credit Card Landscape Report, and the average balance transfer fee is 2.44% of the transferred amount. Below, you can see how much you could save while paying off $5,000 over different time frames, assuming a 12-month 0% APR period, a 3% balance transfer fee, and an 18% regular APR.

Paying Off $5,000 with a 0% APR Balance Transfer Card

Of course, these aren't the only timelines that you could commit to with $5,000 in debt. To price out more options, try WalletHub's debt payoff calculator. This calculator can also help you decide if transferring the $5,000 in debt to a 0% APR balance transfer credit card would save you money.

Getting a 0% APR credit card isn't the only way to pay off $5,000 in debt. In fact, there are many options to consider, each suited for slightly different situations.

Ways to Pay Off $5,000 in Credit Card Debt

1. 0% APR Credit Card
2. Personal Loan
3. Debt Settlement
4. Debt Management Plan
5. Bankruptcy

0% APR Credit Card

0% APR credit cards allow cardholders to avoid interest while paying down their debts. These cards can offer 0% introductory periods on new purchases or balance transfers for up to 20 months.

Keep in mind, however, that you may pay a fee for balance transfers, usually around 3% of the transferred amount. Also, if you decide to transfer your debt to one of these credit cards, do your best to pay it off before the typically-high regular interest rate kicks in.

Personal Loan

Personal loans can be used to pay off $5,000 in credit card debt, assuming you can qualify for a big enough loan with a lower interest rate than your current credit card interest rate. This depends heavily on your creditworthiness.

Debt Settlement

Debt settlement is when the debtor negotiates with the creditor to pay a lump-sum that covers less than the total amount of the debt. In return, the creditor will forgive part of the debt, as well as other outstanding fees. This option is good for people who have enough money to make a large payment all at once. When taking this route, just be careful not to overextend yourself financially, or you'll likely just end up back in debt.

Debt Management Plan

Debt management plans allow the cardholder and the lender to amend the original payment agreement by lengthening the repayment term, lowering the interest rate, and perhaps even waiving fees. Each of these modifications is meant to make the repayment process more manageable for the cardholder. Keep in mind, though, that cardholders are still expected to pay the full $5,000 with these plans.

Bankruptcy

Bankruptcy should only be used as a last resort. While declaring bankruptcy may help you clear your debt, it will also damage your credit score for years.

In order to pay off $25,000 in credit card debt within 36 months, you need to pay $905 per month, assuming an APR of 18%. While you would incur $7,596 in interest charges during that time, you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.

The average length of a 0% APR balance transfer intro period is 13 months, according to WalletHub's Credit Card Landscape Report, and the average balance transfer fee is 2.44% of the transferred amount. Below, you can see how much you could save while paying off $25,000 over different time frames, assuming a 12-month 0% APR period, a 3% balance transfer fee, and an 18% regular APR.

Paying Off $25,000 with a 0% APR Balance Transfer Card

Of course, these aren't the only timelines that you could commit to with $25,000 in debt. To price out more options, try WalletHub's debt payoff calculator. This calculator can also help you decide if transferring the $25,000 in debt to a 0% APR balance transfer credit card would save you money.

Getting a 0% APR credit card isn't the only way to pay off $25,000 in debt. In fact, there are many options to consider, each suited for slightly different situations.

Ways to Pay Off $25,000 in Credit Card Debt

1. 0% APR Credit Card
2. Personal Loan
3. Debt Settlement
4. Debt Management Plan
5. Bankruptcy

0% APR Credit Card

0% APR credit cards allow cardholders to avoid interest while paying down their debts. These cards can offer 0% introductory periods on new purchases or balance transfers for up to 20 months.

Keep in mind, however, that you may pay a fee for balance transfers, usually around 3% of the transferred amount. Also, if you decide to transfer your debt to one of these credit cards, do your best to pay it off before the typically-high regular interest rate kicks in.

Personal Loan

Personal loans can be used to pay off $25,000 in credit card debt, assuming you can qualify for a big enough loan with a lower interest rate than your current credit card interest rate. This depends heavily on your creditworthiness.

Debt Settlement

Debt settlement is when the debtor negotiates with the creditor to pay a lump-sum that covers less than the total amount of the debt. In return, the creditor will forgive part of the debt, as well as other outstanding fees. This option is good for people who have enough money to make a large payment all at once. When taking this route, just be careful not to overextend yourself financially, or you'll likely just end up back in debt.

Debt Management Plan

Debt management plans allow the cardholder and the lender to amend the original payment agreement by lengthening the repayment term, lowering the interest rate, and perhaps even waiving fees. Each of these modifications is meant to make the repayment process more manageable for the cardholder. Keep in mind, though, that cardholders are still expected to pay the full $25,000 with these plans.

Bankruptcy

Bankruptcy should only be used as a last resort. While declaring bankruptcy may help you clear your debt, it will also damage your credit score for years.

In order to pay off $20,000 in credit card debt within 36 months, you need to pay $724 per month, assuming an APR of 18%. While you would incur $6,077 in interest charges during that time, you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.

The average length of a 0% APR balance transfer intro period is 13 months, according to WalletHub's Credit Card Landscape Report, and the average balance transfer fee is 2.44% of the transferred amount. Below, you can see how much you could save while paying off $20,000 over different time frames, assuming a 12-month 0% APR period, a 3% balance transfer fee, and an 18% regular APR.

Paying Off $20,000 with a 0% APR Balance Transfer Card

Of course, these aren't the only timelines that you could commit to with $20,000 in debt. To price out more options, try WalletHub's debt payoff calculator. This calculator can also help you decide if transferring the $20,000 in debt to a 0% APR balance transfer credit card would save you money.

Getting a 0% APR credit card isn't the only way to pay off $20,000 in debt. In fact, there are many options to consider, each suited for slightly different situations.

Ways to Pay Off $20,000 in Credit Card Debt

1. 0% APR Credit Card
2. Personal Loan
3. Debt Settlement
4. Debt Management Plan
5. Bankruptcy

0% APR Credit Card

0% APR credit cards allow cardholders to avoid interest while paying down their debts. These cards can offer 0% introductory periods on new purchases or balance transfers for up to 20 months.

Keep in mind, however, that you may pay a fee for balance transfers, usually around 3% of the transferred amount. Also, if you decide to transfer your debt to one of these credit cards, do your best to pay it off before the typically-high regular interest rate kicks in.

Personal Loan

Personal loans can be used to pay off $20,000 in credit card debt, assuming you can qualify for a big enough loan with a lower interest rate than your current credit card interest rate. This depends heavily on your creditworthiness.

Debt Settlement

Debt settlement is when the debtor negotiates with the creditor to pay a lump-sum that covers less than the total amount of the debt. In return, the creditor will forgive part of the debt, as well as other outstanding fees. This option is good for people who have enough money to make a large payment all at once. When taking this route, just be careful not to overextend yourself financially, or you'll likely just end up back in debt.

Debt Management Plan

Debt management plans allow the cardholder and the lender to amend the original payment agreement by lengthening the repayment term, lowering the interest rate, and perhaps even waiving fees. Each of these modifications is meant to make the repayment process more manageable for the cardholder. Keep in mind, though, that cardholders are still expected to pay the full $20,000 with these plans.

Bankruptcy

Bankruptcy should only be used as a last resort. While declaring bankruptcy may help you clear your debt, it will also damage your credit score for years.