I spent my 20s just pouring money down the drain — now I’m scared I’ll be stuck spending my entire 30s shelling out over $1,100/month to pay off my debt. How do I get out of this mess?

Balance transfer credit cards offer a simple approach

The most basic advice for someone looking to pay down credit card debt is to consider getting a balance transfer credit card.

Balance transfer cards offer a low interest rate or interest-free way to pay off debt and re-start your financial life, helping you significantly pay down your debt — fast.

How much could you save with a balance transfer? Let’s check out a real-world example based on your particular situation.

Let’s say you transferred $6,371 to a balance transfer card with an 18-month 0% intro APR offer. Your total cost could breakdown as follows:

• One-time balance transfer fee: $6,371 × 5% = $318.55
• New starting balance: $6,371 + $318.55 = $6,689.55
• Monthly payment needed to pay off balance in 18 months: $6,689.55 ÷ 18 = $371.64
• Total interest: $0 (thanks to the 0% APR offer)
• Total cost: $6,689.55 (original debt + fee)

If you used a card with a 21.00% APR on transfers you’d have paid approximately $1,404 in interest over the same period — and that cost could rise significantly should you add to that outstanding card balance.

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What if you don’t qualify for a balance transfer card?

Of course, not everyone will qualify for a balance transfer card (and especially so if you’re dealing with maxed out credit cards and soaring credit utilization). But don’t worry — you still have options. Here’s what you can do if you’re struggling with a big credit card bill.

Contact your issuer about potential options

Your first move should be to contact your current credit card companies directly. While it might seem unlikely, credit card companies are sometimes willing to negotiate an existing debt burden. After all, most credit card debt is unsecured, meaning there’s no collateral for the bank to claim should you default on your credit card.

Speaking with your issuer offers a couple of options that might help your situation, which include:

• Requesting a lower interest rate: Many issuers will reduce your rate rather than risk you defaulting, especially if you've been making regular payments despite the struggle. It’s not a sure thing, but it’s worth a shot.
• Asking about hardship programs: Most major card issuers offer temporary hardship programs that can lower your interest rate, reduce minimum payments or waive certain fees. These programs aren't widely advertised but exist specifically for situations like yours, so it’s worth asking.

Consider debt consolidation or a personal loan

Debt consolidation is another option for those with maxed out cards. A debt consolidation loan is typically easier to qualify for than a balance transfer card, with options for credit profiles ranging from excellent to poor. However, consolidation and personal loans for bad credit tend to carry significantly higher interest rates.

That doesn’t mean they’re bad options you should avoid. You may just need to be very careful and stick to a solid budget that reduces your spending and eliminates new debt.

These loans offer a few benefits, including:

• The potential to qualify for rates significantly lower than your current 20%-plus credit card rates — even with less-than-perfect credit
• Fixed payment schedules, which provide a clear path to becoming debt-free

If you have damaged credit (but at least a fair credit score), a local credit union might be your best bet. Credit unions are owned by their members, meaning they exist to offer the best terms and accessibility possible. Because of this, you may have higher approval odds — and get a lower rate — with your local lender instead of a high-street bank.

Credit counseling can reduce your monthly payments — even with bad credit

Another option is credit counseling — especially if you're having issues managing this process on your own.

Credit counselling makes a lot of sense if:

• You're making only minimum payments, but your balances keep growing
• Your credit cards are maxed out
• You're starting to miss payments or fall behind
• You're receiving collection calls and are afraid of more aggressive debt collection actions
• You still have enough income to make payments, just not at the current high interest rates
• Your credit score has declined, making other options like balance transfers difficult

The counselling process is straightforward, but you’ll need to make sure to have details about your income, expenses and debts. After an initial consultation, the credit counsellor will determine if you qualify for a debt management plan (DMP).

If you do, the counsellor will reach out to your creditors to negotiate terms and set up the payment arrangement. Then, you’ll make one payment to the agency each month, which they distribute to your creditors.

Most DMPs are designed to eliminate your debt within three to five years, giving you a clear end date to your financial struggles. That’s obviously longer than if you used a balance transfer card, but again, you might not qualify.

Not all credit counseling agencies are created equal.

Make sure your credit counsellor is an accredited, nonprofit organization (look for 501(c)(3) status), is a member of either the National Foundation for Credit Counseling (NFCC) or the Financial Counseling Association of America (FCAA) and is transparent about their processes and fees.

What if you want to settle the debt on your own?

Is it possible? Absolutely.

If you're tackling this on your own, the debt snowball approach works exceptionally well. The debt snowball method is a great way to keep your debt-repayment motivation high, as you pay off balances from smallest to largest.

Here’s how it works:

• Make minimum payments on all debts
• Put any extra money toward your smallest balance
• Once that's paid off, roll that payment into tackling the next smallest debt

This method provides quick wins that build momentum and confidence as you see debts disappear one by one.

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Comparing debt repayment methods

How do the repayment options mentioned stack up? Here’s a quick overview:

Balance transfer card

• Best for: People with good-to-excellent credit
• How long to pay off debt: 12 to 21 months
• Drawbacks: Balance transfer fees may apply (3% on average), then high interest after promotional period

Negotiating with your card issuer

• Best for: Current cardholders in good standing or experiencing hardship
• How long to pay off debt: Varies
• Drawbacks: Only a temporary solution; success isn’t guaranteed

Debt consolidation

• Best for: Those with fair-to-good credit and multiple debts
• How long to pay off debt: Two to seven years
• Drawbacks: Might require collateral; origination fees may apply

Credit counseling

• Best for: Those with damaged credit or struggling to manage payments
• How long to pay off debt: Three to five years
• Drawbacks: Monthly fees may apply, limited flexibility and possible account closure

Debt snowball method

• Best for: Self-disciplined individuals with multiple debts
• How long to pay off debt: Varies
• Drawbacks: Requires extreme discipline and reduced spending going forward

What’s the best strategy? That really depends on your situation and your motivation. The best strategy is one you can consistently follow through to completion.

What should you do next?

Overspending happens, but staying in debt doesn't have to be your reality forever. What matters now is the disciplined financial foundation you're about to build.

Keep your travel memories, but build your financial future with these steps:

• This week: Calculate your total debt and interest rates. Knowledge is power.
• Within 15 days: Choose your strategy based on your credit score. Good credit? Consider balance transfers. Damaged credit? Consult a nonprofit credit counselor.
• Within 30 days: Create a realistic budget that frees up extra cash for debt payments.
• Monthly: Track progress visually and celebrate each victory, no matter how small.

The discipline you develop isn't just about eliminating debt. It will build you a financial mindset that will serve you for decades. Your $1,100 monthly payment could soon fund new adventures without the financial hangover.

It just takes time, patience and the right plan.