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

By Greg Go. Last updated 27 May 2020. 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!

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

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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.