How to Pay Off $30,000 In Credit Card Debt (2024)

To pay off $30,000 in credit card debt within 36 months, you will need to pay $1,087 per month, assuming an APR of 18%. You would incur $9,116 in interest charges during that time, but you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.

The average length of a 0% APR balance transfer intro period is 13 months, according to WalletHub’s Credit Card Landscape Report, and the average balance transfer fee is 3.1% of the transferred amount. Below, you can see how much you could save while paying off $30,000 over different time frames, assuming a 12-month 0% APR period, a 3% balance transfer fee, and an 18% regular APR.

Paying Off $30,000 with a 0% APR Balance Transfer Card

Months to Payoff

Monthly Payment

Total Interest Paid

Total Savings vs. Regular Card





















Of course, these aren’t the only timelines that you could commit to with $30,000 in debt. To price out more options, try WalletHub’s debt payoff calculator. This calculator can also help you decide if transferring the $30,000 in debt to a 0% APR balance transfer credit card would save you money.

Getting a 0% APR credit card isn’t the only way to pay off $30,000 in debt. In fact, there are many options to consider, each suited for slightly different situations.

Ways to Pay Off $30,000 in Credit Card Debt

  1. 0% APR Credit Card
  2. Personal Loan
  3. Debt Settlement
  4. Debt Management Plan
  5. Bankruptcy

0% APR Credit Card

0% APR credit cards allow you to avoid interest while paying down your debts. These cards can offer 0% introductory periods on new purchases or balance transfers for up to 21 months.

Keep in mind that you may have to pay a balance transfer fee, which is usually around 3% of the transferred amount. Also, if you decide to transfer your debt to one of these credit cards, do your best to pay it off before the 0% intro period ends and the typically-high regular interest rate kicks in.

Personal Loan

Personal loans can be used to pay off $30,000 in credit card debt, assuming you can qualify for a big enough loan with a lower interest rate than your current credit card interest rate. This depends heavily on your creditworthiness.

Debt Settlement

Debt settlement is when the debtor negotiates with the creditor to pay a lump-sum that covers less than the total amount of the debt. In return, the creditor will forgive part of the debt, as well as other outstanding fees. This option is good for people who have enough money to make a large payment all at once. When taking this route, just be careful not to overextend yourself financially, or you’ll likely just end up back in debt.

Debt Management Plan

Debt management plans allow the cardholder and the lender to amend the original payment agreement by lengthening the repayment term, lowering the interest rate, and perhaps even waiving fees. Each of these modifications is meant to make the repayment process more manageable for the cardholder. Keep in mind, though, that cardholders are still expected to pay the full $30,000 with these plans.


Bankruptcy should only be used as a last resort. While declaring bankruptcy may help you clear your debt, it will also damage your credit score for years.

This answer was first published on 02/07/24. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

How to Pay Off $30,000 In Credit Card Debt (2024)


How to Pay Off $30,000 In Credit Card Debt? ›

To pay off $30,000 in credit card debt within 36 months, you will need to pay $1,087 per month, assuming an APR of 18%. You would incur $9,116 in interest charges during that time, but you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.

How to pay off $30,000 in credit card debt? ›

How to Get Rid of $30k in Credit Card Debt
  1. Make a list of all your credit card debts.
  2. Make a budget.
  3. Create a strategy to pay down debt.
  4. Pay more than your minimum payment whenever possible.
  5. Set goals and timeline for repayment.
  6. Consolidate your debt.
  7. Implement a debt management plan.
Aug 4, 2023

What is the best strategy for paying off credit card debt questions? ›

Try the snowball method

With the snowball method, you pay off the card with the smallest balance first. Once you've repaid the balance in full, you take the money you were paying for that debt and use it to help pay down the next smallest balance.

How to clear 30K of debt? ›

Ways to clear your debt
  1. Informally negotiated arrangement.
  2. Free debt management plan (DMP )
  3. Individual voluntary arrangement (IVA)
  4. Bankruptcy.
  5. Debt relief order (DRO)
  6. Administration order.
  7. Debt consolidation and credit.
  8. Full and final settlement offer.

What is the fastest way to get out of credit card debt? ›

Strategies to help pay off credit card debt fast
  1. Review and revise your budget. ...
  2. Make more than the minimum payment each month. ...
  3. Target one debt at a time. ...
  4. Consolidate credit card debt. ...
  5. Contact your credit card provider.

How long does it take to pay off $30,000 credit card debt? ›

It will take 41 months to pay off $30,000 with payments of $1,000 per month, assuming the average credit card APR of around 18%. The time it takes to repay a balance depends on how often you make payments, how big your payments are and what the interest rate charged by the lender is.

What are 3 ways to pay off credit card debt fast? ›

  • Using a balance transfer credit card. ...
  • Consolidating debt with a personal loan. ...
  • Borrowing money from family or friends. ...
  • Paying off high-interest debt first. ...
  • Paying off the smallest balance first. ...
  • Bottom line.

How to aggressively pay off debt? ›

Make debt payments beyond the minimum.

Making more than your required minimum payment can help you pay off debts more quickly and save money in interest charges. Earmark unanticipated funds, such as your tax return or a bonus, for debt payments.

Does negotiating a credit card payoff hurt your credit? ›

Debt settlement—negotiating forgiveness of a financial obligation in exchange for partial repayment—can ease financial burdens, but it will harm your credit.

What is the smart way to pay off credit cards? ›

If you want to get out of debt as quickly as possible, list your debts from the highest interest rate to the lowest. Make the minimum monthly payment on each, but throw all your extra cash at the highest interest debt.

Is 30K in debt a lot? ›

The average amount is almost $30K. Some have more, while others have less, but it's a sobering number. There are actions you can take if you're a Millennial and you're carrying this much debt.

How to pay off credit card debt when you have no money? ›

Apply for a debt consolidation loan.

Debt consolidation allows you to convert multiple debts, commonly several credit card balances, into a single loan. That can make repayment simpler, and can help you budget since you'll be required to make a fixed payment toward the loan each month.

How to ask creditors to write off debt? ›

You will normally have to convince a creditor that writing off the debt is in their best interest as well as in yours. Usually, this means showing them why there is no likelihood of them getting enough money back to make it worth pursuing you for the debt any longer.

How do I pay off debt if I live paycheck to paycheck? ›

Tips for Getting Out of Debt When You're Living Paycheck to Paycheck
  1. Tip #1: Don't wait. ...
  2. Tip #2: Pay close attention to your budget. ...
  3. Tip #3: Increase your income. ...
  4. Tip #4: Start an emergency fund – even if it's just pennies. ...
  5. Tip #5: Be patient.

What is the credit card forgiveness program? ›

Credit card debt forgiveness is when some or all of a borrower's credit card debt is considered canceled and is no longer required to be paid. Credit card debt forgiveness is uncommon, but other solutions exist for managing debt. Debt relief and debt consolidation loans are other options to reduce your debts.

Does the government help with credit card debt? ›

Unfortunately, there is no such thing as a government-sponsored program for credit card debt relief. In fact, if you receive a solicitation that touts a government program to get you out of debt, you may want to think twice about working with that company.

How long to pay off $25,000 credit card? ›

$25,000 at 20%: Your minimum payment would be $666.67 per month and it would take 437 months to pay off $25,000 at 20% interest. You would pay $41,056.85 in interest over the life of the debt.

How long will it take to pay off $20,000 in credit card debt? ›

Keep in mind that at 0% interest, you would need to pay over $550 per month to pay $20,000 off in three years. Moreover, balance transfer credit cards typically come with transfer fees. So, you'll need to consider these fees as part of the debt repayment plan.

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