Credit Card Debt Study

Alina Comoreanu, Senior ResearcherNov 17, 2022

Alina Comoreanu, Senior Researcher
Nov 17, 2022

U.S. consumers are back to bad habits when it comes to credit card debt. Following a record-setting reduction in 2020, consumers added a total of $86.2 billion in new credit card debt to their tab during 2021, capped off by a $73.1 billion increase during the fourth quarter alone. Now, consumers have started 2022 by paying down just $12.5 billion in Q1 and adding a staggering $67.1 billion in new debt during Q2 – a Q2 record.

Below, you can find more credit card debt statistics and insights into the financial health of U.S. consumers.

Table of Contents

Main Findings

Credit card debt increased by $67.1 billion during Q2 2022.

*2022 value is predicted

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The increase in credit card debt during Q2 2022 was 3.5X larger than the post-Great Recession average for the second quarter of a year.

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Outstanding credit card debt increased by roughly 6% during Q2, compared to the previous quarter.

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Since the end of the Great Recession, consumer performance has regressed on a year-over-year basis in 6 of every 10 quarters.

Year	Q1	Q2	Q3	Q4
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022

Legend: = regress, = paydown

At 1.97% for Q2 2022, the credit card charge-off rate was 8.24% higher than in the previous quarter.

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Average Credit Card Debt per Household

Stat	Q2 2022	Q2 2021	Change
Average Credit Card Debt per Household	$8,942	$8,558	4.5%
Total Credit Card Debt	$1,065.60B	$931.90B	14.3%
Quarter Net Increase	$67.10B	$44.90B	50%

The average household’s credit card balance is $8,942. That is $2,995 below WalletHub’s projected breaking point for household finances.

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Credit Card Debt Increase by State

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Note: *Overall Rank, 1 = Biggest Increase

Overall Rank*	State	Household Credit Card Debt	Household Credit Card Debt Increase	Total Credit Card Debt	Total Credit Card Debt Increase
1	California	$8,505	$581	$120,803,604,151	$7,610,582,696
2	Texas	$8,681	$593	$93,218,948,370	$5,872,759,512
3	Florida	$8,510	$581	$73,169,432,027	$4,609,647,346
4	New York	$8,214	$561	$66,043,541,605	$4,160,718,866
5	Illinois	$7,874	$538	$41,688,745,252	$2,626,375,641
6	Pennsylvania	$7,690	$525	$42,570,563,681	$2,681,929,878
7	Georgia	$8,699	$594	$36,121,229,543	$2,275,624,196
8	Ohio	$7,192	$491	$36,776,381,054	$2,316,898,500
9	North Carolina	$7,752	$529	$33,880,913,899	$2,134,485,133
10	Virginia	$9,176	$627	$31,671,939,330	$1,995,320,546
11	New Jersey	$8,956	$612	$31,765,864,773	$2,001,237,815
12	Michigan	$7,134	$487	$30,782,072,134	$1,939,259,240
13	Washington	$8,085	$552	$25,467,721,579	$1,604,457,106
14	Arizona	$7,906	$540	$22,655,832,726	$1,427,309,141
15	Maryland	$9,120	$623	$22,051,188,822	$1,389,216,797
16	Tennessee	$7,677	$524	$21,964,742,969	$1,383,770,740
17	Massachusetts	$8,116	$554	$23,289,912,709	$1,467,255,947
18	Colorado	$8,906	$608	$20,635,920,402	$1,300,055,407
19	Indiana	$6,932	$473	$19,558,193,900	$1,232,159,033
20	Missouri	$7,402	$505	$19,579,818,161	$1,233,521,353
21	Minnesota	$7,215	$493	$17,270,529,841	$1,088,037,037
22	South Carolina	$8,221	$561	$17,481,070,785	$1,101,301,039
23	Wisconsin	$6,553	$448	$16,891,609,351	$1,064,165,186
24	Alabama	$7,791	$532	$15,950,943,294	$1,004,903,569
25	Louisiana	$8,003	$547	$15,199,765,321	$957,579,633
26	Connecticut	$9,088	$621	$13,649,201,657	$859,894,692
27	Oklahoma	$8,136	$556	$13,172,959,740	$829,891,626
28	Kentucky	$6,994	$478	$13,253,973,843	$834,995,484
29	Oregon	$7,477	$511	$13,313,022,390	$838,715,521
30	Nevada	$7,909	$540	$9,688,372,829	$610,363,930
31	Kansas	$7,553	$516	$9,350,400,732	$589,071,812
32	Mississippi	$7,297	$498	$8,833,020,827	$556,477,068
33	Iowa	$6,458	$441	$8,918,879,661	$561,886,143
34	Arkansas	$7,214	$493	$9,153,408,339	$576,661,364
35	Utah	$8,527	$582	$9,274,816,153	$584,310,011
36	New Mexico	$7,521	$514	$6,463,772,544	$407,215,296
37	West Virginia	$7,207	$492	$5,736,651,978	$361,406,968
38	Nebraska	$6,956	$475	$5,780,754,671	$364,185,421
39	Hawaii	$10,190	$696	$5,169,195,713	$325,657,432
40	Idaho	$7,442	$508	$5,238,095,037	$329,998,064
41	New Hampshire	$8,427	$576	$4,925,113,266	$310,280,327
42	Maine	$7,091	$484	$4,378,044,701	$275,815,208
43	Rhode Island	$7,787	$532	$3,501,056,125	$220,565,250
44	Montana	$7,614	$520	$3,599,110,364	$226,742,631
45	Delaware	$8,360	$571	$3,361,998,991	$211,804,702
46	Alaska	$11,277	$770	$3,119,394,417	$196,520,703
47	South Dakota	$7,152	$488	$2,697,120,942	$169,917,629
48	North Dakota	$7,080	$483	$2,462,561,297	$155,140,457
49	Wyoming	$7,975	$545	$2,016,319,602	$127,027,394
50	Vermont	$7,351	$502	$2,094,723,299	$131,966,799

Sources: Data used to create this ranking were collected from the U.S. Census Bureau, Federal Reserve and TransUnion.

Tips For Managing Credit Card Debt

1. Make a Budget & Stick to It: It’s difficult to spend within reason or plan savings if you don’t know how your monthly spending compares to your take-home pay, or where that money is going. That is why you should rank-order your expenses – including debt payments, emergency fund contributions and other savings – and trim the fat, if necessary.Most importantly, once you develop your budget, make sure to stick to it or else you’ll have simply wasted your time.
2. Build an Emergency Fund: With a safety net of cash to fall back on, you won’t be as likely to fall behind on your bills in the event of emergency expenses or unplanned joblessness. Your goal should be to gradually save about a year’s worth of after-tax income. In other words, set aside a little bit every month until you’ve got a nice cushion.
3. Improve Your Credit: This might sound a bit counterintuitive, seeing as more credit could mean more debt. But improving your credit standing will have a dramatic impact on the cost of your debt. And reducing the cost of your debt will allow you to pay it off faster. Better credit can also make it easier to find a job or a place to live, both of which impact your bottom line.You can check your latest credit score for free and get personalized credit-improvement tips on WalletHub.
4. Try the Island Approach: The Island Approach is a strategy that involves using a collection of credit cards, with each serving a specific purpose. For example, you could transfer your existing debt to a 0% balance transfer credit card to save on finance charges and get out of debt sooner. And you could use a rewards card or two – perhaps one with travel rewards and one with cash back, or maybe a store credit card – for purchases that you’ll be able to pay off by the end of the month.This will enable you to get the best possible collection of terms. It will also tell you when you’re overspending. Finance charges on your everyday spending cards will signal a need to cut back.
5. Repay Your Most Expensive Debt First: Most people with serious credit card debt have multiple balances. If that’s the case for you, try the “avalanche method.” That means putting the majority of your monthly debt payment toward the balance with the highest interest rate and making the minimum payment required on the rest. Once your most expensive debt is paid off, repeat the process until you’re debt-free.
6. Evaluate Your Job Situation: In some cases, all the budgeting and planning in the world won’t be enough to solve your debt problems. You may need to explore whether higher-paying opportunities exist for people with your background or consider acquiring some new skills to make yourself more marketable.This may require a bit of an investment in yourself, but as long as you get a worthwhile return, it’s money well spent.

Methodology

WalletHub’s quarterly credit card debt studies are based on analysis of the latest data on consumers’ finances available from TransUnion as well as the Federal Reserve and Bureau of Labor Statistics.

Quarterly changes in credit card debt levels include both the total amount outstanding (revolving credit, not seasonally adjusted) and charged-off debt (not seasonally adjusted) that is no longer on credit card companies’ books but consumers continue to owe. Outstanding and household debt amounts are adjusted for inflation with data from the Bureau of Labor Statistics.

Raw Data

Net Result of Consumer Credit Card Debt Q1 2008 – Q2 2022

	Net Result in Debt Load	Relative to Same Period Last Year	Relative to Same Period Two Years Ago
2022 Q2	$67,135,083,290	50%	-214%
2022 Q1	-$12,537,841,544	-77%	-79%
2021	$86,248,028,513	-205%	15%
2021 Q4	$73,121,662,017	101%	29%
2021 Q3	$23,839,206,941	-2725%	8%
2021 Q2	$44,904,907,977	-176%	30%
2021 Q1	-$55,617,748,422	-5%	46%
2020	-$82,064,889,064	-209%	-214%
2020 Q4	$36,391,578,792	-36%	-38%
2020 Q3	-$908,027,227	-104%	-103%
2020 Q2	-$58,709,276,276	-270%	-381%
2020 Q1	-$58,839,164,353	54%	67%
2019	$75,173,980,298	4%	-16%
2019 Q4	$56,757,541,717	-3%	-16%
2019 Q3	$22,137,618,702	-20%	0%
2019 Q2	$34,455,737,637	65%	6%
2019 Q1	-$38,176,917,758	8%	15%
2018	$72,081,101,019	-19%	-19%
2018 Q4	$58,674,430,772	-13%	-1%
2018 Q3	$27,844,442,839	26%	27%
2018 Q2	$20,895,898,892	-36%	-39%
2018 Q1	-$35,333,671,484	6%	32%
2017	$89,000,984,768	0%	151%
2017 Q4	$67,640,453,120	14%	177%
2017 Q3	$22,048,507,677	0%	-2%
2017 Q2	$32,569,914,750	-5%	0%
2017 Q1	-$33,257,890,778	25%	-25%
2016	$88,780,270,523	150%	51%
2016 Q4	$59,148,481,729	142%	28%
2016 Q3	$21,999,802,585	-3%	34%
2016 Q2	$34,331,647,208	5%	21%
2016 Q1	-$26,699,660,999	-40%	-18%
2015	$35,447,291,313	-40%	-15%
2015 Q4	$24,461,624,453	-47%	-43%
2015 Q3	$22,600,957,944	38%	97%
2015 Q2	$32,643,261,547	15%	61%
2015 Q1	-$44,258,552,632	37%	36%
2014	$58,743,489,716	40%	86%
2014 Q4	$46,298,094,154	9%	18%
2014 Q3	$16,389,438,109	43%	27%
2014 Q2	$28,437,696,787	41%	102%
2014 Q1	-$32,381,739,334	0%	-7%
2013	$41,844,018,269	33%	-9%
2013 Q4	$42,599,311,800	9%	-3%
2013 Q3	$11,465,609,999	-11%	-28%
2013 Q2	$20,236,889,584	44%	6%
2013 Q1	-$32,457,793,113	-6%	-1%
2012	$31,528,657,763	-31%	1246%
2012 Q4	$39,223,538,559	-10%	52%
2012 Q3	$12,868,796,386	-19%	135%
2012 Q2	$14,100,004,003	-26%	46%
2012 Q1	-$34,663,681,185	5%	-10%
2011	$45,910,210,686	1859%	5436%
2011 Q4	$43,703,491,907	70%	94%
2011 Q3	$15,933,813,078	191%	33%
2011 Q2	$19,146,014,694	99%	101%
2011 Q1	-$32,873,108,993	-15%	-27%
2010	$2,343,022,283	372%	-96%
2010 Q4	$25,774,800,070	15%	-28%
2010 Q3	$5,472,559,265	-54%	-60%
2010 Q2	$9,624,601,959	1%	-59%
2010 Q1	-$38,528,939,010	-14%	122%
2009	-$860,367,447	102%	101%
2009 Q4	$22,481,545,106	-38%	-65%
2009 Q3	$11,986,891,151	-13%	-69%
2009 Q2	$9,516,695,635	-60%	-70%
2009 Q1	-$44,845,499,339	159%	104%
2008	$56,165,464,197	-50%	-42%
2008 Q4	$36,046,098,712	-44%	-34%
2008 Q3	$13,751,457,775	-64%	-46%
2008 Q2	$23,689,133,013	-26%	-4%
2008 Q1	-$17,321,225,304	-21%	107%

Net Result in Debt Load – Green indicates that consumers decreased their debt relative to the previous quarter. Red indicates they increased their debt relative to the previous quarter.

Relative to Same Period – Green indicates that consumers either paid down more debt or accumulated less debt than they did in the previous two years. Red indicates that they either paid down less debt or accumulated more debt than they did in the same quarter in the previous two years.

Consumer Credit Card Debt and Charge-off Data (in Billions) Q1 1986 – Q2 2022:

Period	Total Outstanding Credit Card Debt	Change In Outstanding Credit Card Debt	Quarterly Credit Card Charge-Off in Dollars	Net Result in Debt Load
2022 Q2	$1,065.6	$61.8	$5.2	$67.1
2022 Q1	$1,003.8	-$17.1	$4.6	-$12.5
2021	$1,020.9	$65.8	$20.5	$86.2
2021 Q4	$1,020.9	$69.2	$4.0	$73.1
2021 Q3	$951.7	$19.8	$4.0	$23.8
2021 Q2	$931.9	$39.0	$5.9	$44.9
2021 Q1	$892.9	-$62.2	$6.6	-$55.6
2020	$955.1	-$115.0	$33.0	-$82.1
2020 Q4	$955.1	$30.2	$6.2	$36.4
2020 Q3	$924.9	-$8.6	$7.7	-$0.9
2020 Q2	$933.5	-$68.1	$9.4	-$58.7
2020 Q1	$1,001.6	-$68.5	$9.7	-$58.8
2019	$1,070.1	$37.3	$37.8	$75.2
2019 Q4	$1,070.1	$46.9	$9.8	$56.8
2019 Q3	$1,023.2	$13.3	$8.9	$22.1
2019 Q2	$1,009.9	$24.7	$9.7	$34.5
2019 Q1	$985.2	-$47.6	$9.4	-$38.2
2018	$1,032.8	$36.3	$35.8	$72.1
2018 Q4	$1,032.8	$49.5	$9.2	$58.7
2018 Q3	$983.3	$19.3	$8.5	$27.8
2018 Q2	$964.0	$11.9	$9.0	$20.9
2018 Q1	$952.1	-$44.4	$9.0	-$35.3
2017	$996.5	$55.6	$33.4	$89.0
2017 Q4	$996.5	$58.6	$9.0	$67.6
2017 Q3	$937.9	$14.2	$7.9	$22.0
2017 Q2	$923.7	$24.1	$8.4	$32.6
2017 Q1	$899.6	-$41.3	$8.1	-$33.3
2016	$940.9	$60.8	$28.0	$88.8
2016 Q4	$940.9	$51.0	$8.1	$59.1
2016 Q3	$889.9	$15.7	$6.4	$22.0

*Numbers may differ from year to year due to the fact that the Federal Reserve regularly retroactively updating figures. Questions or requests for information can be directed to our media department.

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Questions & Answers(13 questions)

How can I pay off $2,000 in credit card debt?

Upvotes

WalletHub

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 2.53% 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

Months to Payoff	Monthly Payment	Total Interest Paid	Total Savings vs. Regular Card
12	$172	$0	$142
24	$90	$99	$240
36	$64	$257	$291
48	$52	$436	$331
60	$45	$629	$367

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.

How can I pay off $3,000 in credit card debt?

Upvotes

WalletHub

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 2.53% 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

Months to Payoff	Monthly Payment	Total Interest Paid	Total Savings vs. Regular Card
12	$258	$0	$213
24	$135	$148	$361
36	$97	$386	$436
48	$78	$654	$496
60	$67	$944	$550

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

0% APR Credit Card
Personal Loan
Debt Settlement
Debt Management Plan
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.

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 Management Plan

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.

How do I pay off $10,000 credit card debt?

Upvotes

WalletHub

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 2.53% 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

Months to Payoff	Monthly Payment	Total Interest Paid	Total Savings vs. Regular Card
12	$858	$0	$709
24	$450	$495	1,202
36	$322	$1,286	$1,453
48	$260	$2,182	$1,651
60	$224	$3,146	$1,833

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

0% APR Credit Card
Personal Loan
Debt Settlement
Debt Management Plan
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.

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 Management Plan

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.

View more answers

How can I pay off $7,000 in credit card debt?

Upvotes

WalletHub

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 2.53% 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

Months to Payoff	Monthly Payment	Total Interest Paid	Total Savings vs. Regular Card
12	$601	$0	$496
24	$315	$346	$842
36	$225	$900	$1,017
48	$182	$1,527	$1,156
60	$157	$2,202	$1,283

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

0% APR Credit Card
Personal Loan
Debt Settlement
Debt Management Plan
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.

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 Management Plan

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.

How can I pay off $40,000 in credit card debt?

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WalletHub

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 2.53% 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

Months to Payoff	Monthly Payment	Total Interest Paid	Total Savings vs. Regular Card
12	$3,433	$0	$2,836
24	$1,799	$1,979	$4,809
36	$1,287	$5,143	$5,811
48	$1,040	$8,726	$6,606
60	$896	$12,582	$7,334

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

0% APR Credit Card
Personal Loan
Debt Settlement
Debt Management Plan
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.

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 Management Plan

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.

How can I pay off $9,000 in credit card debt?

Upvotes

WalletHub

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 2.53% 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

Months to Payoff	Monthly Payment	Total Interest Paid	Total Savings vs. Regular Card
12	$773	$0	$638
24	$405	$445	$1,082
36	$290	$1,157	$1,308
48	$234	$1,963	$1,487
60	$202	$2,831	$1,650

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

0% APR Credit Card
Personal Loan
Debt Settlement
Debt Management Plan
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.

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 Management Plan

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.

How can I pay off $1,000 in credit card debt?

Upvotes

WalletHub

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 2.53% 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

Months to Payoff	Monthly Payment	Total Interest Paid	Total Savings vs. Regular Card
12	$86	$0	$71
24	$45	$49	$121
36	$32	$129	$145
48	$26	$218	$165
60	$22	$315	$183

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

0% APR Credit Card
Personal Loan
Debt Settlement
Debt Management Plan
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.

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 Management Plan

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.

How can I pay off $5,000 in credit card debt?

Upvotes

WalletHub

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 2.53% 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

Months to Payoff	Monthly Payment	Total Interest Paid	Total Savings vs. Regular Card
12	$429	$0	$355
24	$225	$247	$602
36	$161	$643	$727
48	$130	$1,091	$825
60	$112	$1,573	$916

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

0% APR Credit Card
Personal Loan
Debt Settlement
Debt Management Plan
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.

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 Management Plan

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.

How can I pay off $25,000 in credit card debt?

Upvotes

WalletHub

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 2.53% 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

Months to Payoff	Monthly Payment	Total Interest Paid	Total Savings vs. Regular Card
12	$2,146	$0	$1,773
24	$1,124	$1,237	$3,006
36	$805	$3,214	$3,632
48	$650	$5,454	$4,128
60	$560	$7,864	$4,583

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

0% APR Credit Card
Personal Loan
Debt Settlement
Debt Management Plan
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.

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 Management Plan

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.

How To Pay Off Credit Card Debt

Upvotes

Adam McCann, Financial Writer

The best way to pay off credit card debt is as soon as possible. And you can save both time and money by using a credit card payoff calculator as well as a 0% balance transfer credit card, if you have good or excellent credit. You can check your latest credit score for free on WalletHub to find out.

The more credit card debt you owe and the more balances you have, the more complicated things can get. That's why you need a plan. Below, we'll explain the best ways to pay off credit card debt as quickly and inexpensively as possible, starting with WalletHub's preferred method.

How To Pay Off Credit Card Debt in 6 Easy Steps

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