Have $10,000 or More in Credit Card Debt? Here’s How to Get Rid of It

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If you’re struggling with credit card debt, you’re not alone. As of the second quarter of 2024, Americans owed a collective $1.142 trillion on credit cards, according to research from The Motley Fool Ascent. And the average balance among consumers in 2023 was $6,501.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. But what if your personal debt load is even larger? If you owe $10,000 on your credit cards, you might think paying it off is impossible. But here are some steps you can take to shed that debt — and stop wasting money on interest.What’s your credit card debt costing you?The amount of interest you pay on a credit card balance hinges on your credit card’s APR and the amount of time it takes you to pay your debt off. But let’s say you’re paying 20% interest on a $10,000 balance. Here’s the total amount of interest you’d incur, depending on your payoff window.Years to Pay Off a $10,000 Balance at 20%Total Interest Paid1$1,1162$2,2153$3,3794$4,6065$5,896Data source: Author’s calculationsYou have to admit, these numbers are kind of scary. If it takes you five years to pay off a $10,000 balance at 20%, you might spend almost $6,000 on interest alone. That’s money you could be using to meet so many other financial goals, like funding a savings account or investing for your future. So it’s best to try to get rid of your credit card debt as quickly as possible.How to pay off $10,000 in credit card debtPaying off credit card debt requires money; it’s that simple. You can get that money by cutting back on spending, working a side hustle, or both.But either way, you need to do something to free up money to put toward your credit cards so you can pay more than the minimum monthly payment. Otherwise, you risk ending up in a situation where you spend thousands of dollars more on interest through the years.You might also have an easier time paying off your credit cards if you consolidate your debt. One option is to do a balance transfer, where you move your existing debts onto a single credit card with a 0% introductory APR. Click here for a list of the best balance transfer credit cards.A balance transfer could be a good option if you think you’ll be able to pay off your debt by the time your introductory period comes to an end. That will depend on your card, but it’s typically 12 to 18 months (sometimes a little longer).If you don’t think you’ll be able to pay off your debt by the end of your introductory APR period, then a personal loan may be a better bet. If your debt lingers beyond a card’s introductory period, you risk racking up a lot of interest once it’s able to start accruing on your balance transfer card at its go-to APR.The nice thing about a personal loan is that you get to lock in a fixed interest rate. And that interest rate will likely be much lower than what you’re paying currently.As an example, if it takes you five years to pay off a $10,000 personal loan balance with an 8% interest rate, you’re spending $2,166 on interest. That’s still a lot of money, but it’s nowhere close to the $5,896 you might spend if it takes you five years to pay off a credit card at 20%. Click here for a list of the best personal loan lenders.Don’t resign yourself to credit card debtGetting rid of a $10,000 credit card balance might seem impossible. But while it’s not an easy thing to do, it can be done.Be honest with yourself about your ability to repay your debt, as that should help you choose between a balance transfer and a personal loan. From there, it’s a matter of spending less and potentially earning more to dig yourself out of that hole.And if you find yourself struggling, try to picture a point in the future when you don’t have debt payments weighing you down. That could serve as motivation to keep making the effort to become free of credit card debt.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.”}]] [[{“value”:”

If you’re struggling with credit card debt, you’re not alone. As of the second quarter of 2024, Americans owed a collective $1.142 trillion on credit cards, according to research from The Motley Fool Ascent. And the average balance among consumers in 2023 was $6,501.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

But what if your personal debt load is even larger? If you owe $10,000 on your credit cards, you might think paying it off is impossible. But here are some steps you can take to shed that debt — and stop wasting money on interest.

What’s your credit card debt costing you?

The amount of interest you pay on a credit card balance hinges on your credit card’s APR and the amount of time it takes you to pay your debt off. But let’s say you’re paying 20% interest on a $10,000 balance. Here’s the total amount of interest you’d incur, depending on your payoff window.

You have to admit, these numbers are kind of scary. If it takes you five years to pay off a $10,000 balance at 20%, you might spend almost $6,000 on interest alone. That’s money you could be using to meet so many other financial goals, like funding a savings account or investing for your future. So it’s best to try to get rid of your credit card debt as quickly as possible.

How to pay off $10,000 in credit card debt

Paying off credit card debt requires money; it’s that simple. You can get that money by cutting back on spending, working a side hustle, or both.

But either way, you need to do something to free up money to put toward your credit cards so you can pay more than the minimum monthly payment. Otherwise, you risk ending up in a situation where you spend thousands of dollars more on interest through the years.

You might also have an easier time paying off your credit cards if you consolidate your debt. One option is to do a balance transfer, where you move your existing debts onto a single credit card with a 0% introductory APR. Click here for a list of the best balance transfer credit cards.

A balance transfer could be a good option if you think you’ll be able to pay off your debt by the time your introductory period comes to an end. That will depend on your card, but it’s typically 12 to 18 months (sometimes a little longer).

If you don’t think you’ll be able to pay off your debt by the end of your introductory APR period, then a personal loan may be a better bet. If your debt lingers beyond a card’s introductory period, you risk racking up a lot of interest once it’s able to start accruing on your balance transfer card at its go-to APR.

The nice thing about a personal loan is that you get to lock in a fixed interest rate. And that interest rate will likely be much lower than what you’re paying currently.

As an example, if it takes you five years to pay off a $10,000 personal loan balance with an 8% interest rate, you’re spending $2,166 on interest. That’s still a lot of money, but it’s nowhere close to the $5,896 you might spend if it takes you five years to pay off a credit card at 20%. Click here for a list of the best personal loan lenders.

Don’t resign yourself to credit card debt

Getting rid of a $10,000 credit card balance might seem impossible. But while it’s not an easy thing to do, it can be done.

Be honest with yourself about your ability to repay your debt, as that should help you choose between a balance transfer and a personal loan. From there, it’s a matter of spending less and potentially earning more to dig yourself out of that hole.

And if you find yourself struggling, try to picture a point in the future when you don’t have debt payments weighing you down. That could serve as motivation to keep making the effort to become free of credit card debt.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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