Fastest way to pay off $10,000 in credit card debt

What’s the best way to pay down a credit card balance as quickly as possible, while paying the least in interest, along with also without hurting your credit? What follows is usually a powerful method recommended by the most astute personal finance experts* to achieve exactly those objectives. This kind of’s extremely effective, completely legal, along with also leverages programs created by credit card issuers to your advantage. Follow these steps along with also start to become credit card debt-free.

Step 1: Use A Powerful Tool To Immediately Stop Paying Interest On Your Balance

Think of someone carrying a credit card balance like a patient who enters an emergency room bleeding badly. The first thing a doctor will do is usually stop the bleeding. This kind of’s no different when attacking a credit card balance; the first thing you do is usually stop the interest charges.

There’s a simple way to do This kind of, along with also This kind of’s brilliance is usually that will This kind of actually uses the banks’ marketing offers to your advantage: find a card offering a long “0% intro APR balance transfer” promotional offer, along with also transfer your balance to This kind of. These are cards which offer fresh customers a long period of time (often as much as 18 months) during which the card charges no interest on all balances transferred to This kind of. We constantly track all the cards inside the marketplace in order to find the ones currently offering the longest 0% intro periods.

If you need more motivation, just think of This kind of: on a $10,000 balance, $150 of a $0 monthly payment would certainly get vacuumed up by interest charges.** that will leaves only $50 of your $0 that will actually reduces your balance, the rest vanishing into bank pockets. that will’s just brutal. Use our reviews to find a card which offers the longest possible no-interest period while charging low, or even no fees. Moving your balances to the card you choose will stop the bleeding, allowing you to move on to step two.

Step 2: Power Through Your Balance During The 0% Period.

Once you’ve transferred your balances along with also put a stop to the interest charges, This kind of’s time to capitalize on the interest-free period to definitely break free of the debt. The best part of This kind of is usually how simple This kind of is usually: just keep doing the payments you used to make when you had to pay big interest payments. Going back to the $10,000 example above, if you transferred that will balance onto a card like the Chase Slate (which offers 15 months of 0% intro APR with no transfer fee) along with also maintained the same $0 monthly payment, you can see how much faster you’ll be reducing your balance inside the chart below.

As you can see, without using the 0% card, the same $0 monthly payments barely make any headway. This kind of’s like swimming upstream, or walking while taking a step back for every two steps forward. that will’s no way to swim or walk, along with also attempting to pay off your cards while paying high card interest rates is usually no way to manage your finances. Move your balances onto one of the cards below, stop getting crushed by interest, along with also start doing real progress toward getting rid of your card debt.

 

Top 0% Intro APR Balance Transfer Cards:

The No Transfer-Fee Card

The Chase Slate® is usually tied as our highest-rated balance transfer card, along with also for not bad reason. This kind of charges no fee for transferring your balance to This kind of inside the first two months, no annual fee, along with also no interest on balances transferred for a full 15-month 0% intro APR period. This kind of makes This kind of a phenomenal tool to gain control of your credit card debt, as you can make a costless balance transfer, then use the 15-month interest grace period to pay down your balance.

The Verdict: If you don’t need the entire 18 months offered by the BankAmericard, This kind of can be efficient since This kind of doesn’t have a balance transfer fee. No transfer fee along with also no annual fee, combined with the 0% intro APR means that will This kind of is usually definitely free money for the 15 month term, no catches.

Most Appropriate For: Those who want a no-fee way to stop paying interest, along with also possibly pay off the cards during that will breather. Those with not bad rather than excellent credit.

Least Appropriate For: Those who pay off their balances every month would certainly be better served getting a card paying high rewards. Note that will the 0% transfer fee is usually an introductory offer, so be sure to transfer your balance inside the first 60 days, or there will be a fee.

Recommended credit:  Just not bad. The Chase card has the most lenient credit requirements of our top balance transfer cards.

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The Ultra-Long 0% Intro APR Card

The BankAmericard® Credit Card is usually tied as our highest rated balance transfer card, featuring an unbelievable 18 billing cycles (months) 0% APR intro period. This kind of means that will if you were to roll your balance over onto the card today, you wouldn’t have to pay interest until well into 2018. The card does charge a 3% balance transfer fee (or $10, whichever is usually greater), yet if you’re looking to avoid paying any interest on your credit card balances for as long as possible, the BankAmericard could be your card.

The Verdict: Getting a loan This kind of cheaply due to This kind of long is usually pretty amazing. If you’re carrying a balance, along with also realistically you know you will have to carry that will balance for a while, This kind of card becomes a no-brainer. As an example, assume you have a $10,000 balance on your current cards at a 18% rate. Over the 18 billing cycle (month) term, you would certainly have paid $3,098 in interest.* Switching to This kind of card would certainly cost $300 in fees, yet then nothing the rest of the way, for a net savings of $2,798. Not bad, you could do a lot with that will extra cash.

Most Appropriate For: Those who have large balances along with also want as much interest-free time as possible to pay the principle down.

Least Appropriate For: Those who pay off their balances every month or every few months.

Credit Required: not bad to Excellent

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The Cards With Long 0% Intro APR along with also Cash Rewards Programs.

Pros: Chase’s fresh Freedom Unlimited card is usually essentially an increased type of the old Freedom. They bumped the base cash back rate all the way up to an industry leading 1.5%, along with also pay that will full 1.5% on all spend, with no limit or spend category restrictions. Unlike most various other high paying cash back cards, you don’t have to worry about categories or have to activate anything. You’ll receive the full 1.5% back as you make your spend, on all spend, automatically. In addition, Chase  is usually temporarily offering a cash bonus to fresh card-members. If you charge $500 on This kind of inside the first 3 months, you’ll earn a $150 cash bonus. Finally, Chase is usually also offering fresh card-members 15 months of 0% interest for the first 15 months of using the card to make fresh purchases. So during that will period, you can use the card without paying any interest on balances you tally, while still earning cash back. The card requires not bad, not excellent credit, doing This kind of easier to get in.

Cons: Charges a 5% balance transfer fee. This kind of is usually on the high side, so we recommend looking at the Slate or BankAmericard if your goal is usually to transfer a balance. The Freedom Unlimited should be viewed as a cash back card.

The Verdict: One of the strongest cards available to those with not bad (yet not perfect) credit. The card combines industry leading cash back rates (1.5% on everything) that has a strong 15 months of 0% interest on fresh purchases combined that has a $150 cash bonus when you use the card to make $500 in spend inside the first 3 months.

Most Appropriate For: Those with not bad credit seeking a daily-use card offering great cash back rewards along with also 0% intro APR. Best for fresh charges.

Least Appropriate For: Balance transfers, as This kind of charges the 5% fee while offering no more free term than the Slate (which has no transfer fee).

Credit Required: not bad to Excellent

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Pros: Capital One’s Quicksilver card makes things simple: you earn 1.5% cash back on all your purchases, with no limit along with also no category restrictions or games. We included the card in our balance transfer list because This kind of offers 0% intro APR 9 months
 on all balances transferred.

Cons: Does charge a 3% balance transfer fee. Requires not bad credit to get in.

The Verdict: If you’re looking to transfer a balance along with also make some purchases, you can use This kind of card to avoid paying interest during the intro period along with also earn cash rewards.

Most Appropriate For: Anyone who might make some large purchases inside the near future, or regularly charges a lot on their cards. doing the charges on the Quicksilver  would certainly earn cash back yet not require any interest during the intro period.

Credit Required: not bad to Excellent

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Fastest way to pay off $10,000 in credit card debt

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