If you've racked up $5,000 in credit card debt, these strategies can help you tackle it faster than you'd expect.
Credit card debt has reached unprecedented levels in the United States, with Americans owing a staggering $1.17 trillion on their credit cards as of the third quarter of 2024. That amounts to the average cardholder carrying about $8,000 in credit card debt at a time when credit card interest rates are surpassing 23%, on average. These trends, combined with increasing credit card payment delinquencies and more people maxing out their credit cards, paint a challenging financial picture right now.
Pursue a debt consolidation loan Debt consolidation offers another way to streamline and accelerate repayment. With this option, you take out a new loan at a lower interest rate than your credit card's rate — with rates on these types of loans typically ranging from 6% to 15% or more, depending on the type of loan you use and your credit score. You use the loan to pay off your $5,000 in credit card debt, replacing multiple high-interest payments with a single, more affordable one.
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