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The best way to pay off credit card debt for a lot of people is a 0% intro APR balance transfer credit card.
If you’re carrying $15,000 at 22% APR, you could pay more than $4,000 in interest over the next 18 to 21 months.
Move that same balance to a 0% intro APR card, and every dollar you pay during the promotional window goes toward the principal instead of interest.
What the math looks like in real life
Let’s say you transfer $12,000 to a card offering 21 months of 0% intro APR.
That means you pay about $572 per month and the balance is gone before interest ever kicks in.
Yes, there’s usually a 3% to 5% balance transfer fee. On $12,000, that’s roughly $360 to $600 upfront. But compare that to thousands in interest at 22% APR and the savings are still substantial.
If you qualify, some of the longest 0% intro APR cards give you nearly two full years of breathing room. You can compare the best 0% balance transfer cards here completely free.
Why debt consolidation is usually the slower path
Debt consolidation loans often advertise lower interest rates and one simplified payment.
But lower isn’t zero.
Even at 10% or 12% APR, you’re still paying interest every single month. On a five-figure balance, that can easily mean $1,500 to $2,000 in interest over a year.
You reorganized the debt but didn’t stop the bleeding. A 0% balance transfer temporarily removes the interest variable altogether.
When this strategy works best
A balance transfer card works if:
- You can realistically pay off the balance within the intro period
- You stop adding new debt
- Your credit is strong enough to qualify
If your goal is to get out of credit card debt as quickly and cheaply as possible, stopping interest entirely is usually the most efficient move.
It costs you nothing to learn more about the best balance transfer cards right here.
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