The Fastest Way to Pay Off $10,000 in Credit Card Debt

By Greg Go. Last updated 7 August 2019. 2 comments

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I’ve paid off $10,000 in debt with a simple strategy: Stop paying interest for up to 18 months by taking advantage of 0% balance transfer offers. This will help you pay off a $10k loan 1-2 years faster and save you thousands in interest.

Legally Pay $6,006 Less in Interest

How does an 18 month 0% deal save you so much in interest? Here’s an example: if you owed $10,000 in credit card debt and paid $250 a month — a whopping 60% of your payment is going towards paying your credit card interest!

To make matters worse, that interest keeps getting added on so you are paying interest on your interest! For example, if you owed $10,000 credit card debt and paid $250 a month: 
 
  • $150 of your $250 payment would go towards paying interest. 
     
  • Only $100 (40%) goes towards paying down the $10,000 principal.
     
  • At this rate, it would take 62 months to pay off your debt, and it would cost you a staggering $5386 in interest!

This is an uphill battle you simply can’t win. You need to stop paying interest ASAP.

Bottom line: Get a 0% Intro APR Card and Save thousands

Find a credit card with a 0% introductory balance transfer APR offer. Apply for a card and immediately transfer all your credit card debt to the new card. By eliminating interest for 18 months, having your ENTIRE monthly payment go to the principal, you can pay off the entire $10,000 debt years faster and save thousands in interest!

Best 3 Cards With 0% Intro APR

The first small task is to find the right 0% balance transfer credit card. It will only take a few minutes since I’ve already done the research for you. After researching hundreds of credit cards, I found the best cards for paying off debt.

BankAmericard® credit card

credit cardIf you need a long payment period, the BankAmericard® credit card is the card for you. This card offers a 0% introductory APR for 18 billing cycles for purchases and for any balance transfers made in the first 60 days. After that, there is a 15.24%-25.24% Variable APR. There is no annual fee.

Click here or call 866-494-3301 to learn more and apply for the BankAmericard® credit card today!

Bank of America® Cash Rewards credit card

The Bank of America® Cash Rewards credit card has a 0% introductory APR for 15 billing cycles for purchases and for any balance transfers made in the first 60 days, then 16.24% - 26.24% variable APR applies. There is no annual fee.

Once you've paid off your balance, use this card to earn 2% cash back at grocery stores and wholesale clubs and 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement /furnishings for the first $2,500 in combined spending in your choice category, grocery stores and wholesale clubs each quarter, and 1% cash back on all other purchases. This card is a great day-to-day card for earning the most cash back on gas and groceries. 

Click here or call 866-349-6262 to learn more and apply for the Bank of America® Cash Rewards credit card today!

Citi® Double Cash Card - 18 month BT offer

The Citi® Double Cash Card - 18 month BT offer from our partner Citi is a great card for those who want cash back but don't want to worry about keeping track of categories. This card actually offers 2% cash back on purchases: 1% cash back when you buy, plus another 1% as you make payments for those purchases. Unlike many other cards, this card has no category restrictions, no enrollments in rotating categories, and no limits on the amount of cash back that you earn. There is a 0% introductory APR on balance transfers for 18 months. After that, the variable APR will be 15.99% - 25.99%, based on your creditworthiness. There is no annual fee.

Click here to learn more and apply for the Citi® Double Cash Card - 18 month BT offer today!

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The Fastest Way to Pay Off $10,000 in Credit Card Debt

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Guest's picture
Guest

If you owe that much debt you probably will not have a good credit score....how are you then going to apply for another credit card. This was tried by a relative and they were declined.

Guest's picture
Guest

Plus the credit score would take a hit (a small one, but one that isn't needed on a less than excellent credit score) for credit inquiry.