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If it seems like you can’t manage to break the cycle of credit card debt, you’re not alone. TransUnion reports that as of the second quarter of 2024, the average credit card balance was $6,329. That’s a pretty notable increase from a year prior, when the average credit card balance was $5,947.

Of course, the problem with credit card debt is that it can be expensive. That’s because credit cards are notorious for charging large amounts of interest.

In fact, let’s say you owe $6,329 on your credit cards, and you’re being charged 20% interest on those balances. If it takes you 24 months to pay them off, you’re looking at spending $1,402 on interest.

But an extra $1,402 could do a world of good for your finances if you were able to keep that money instead. It could help pad your emergency fund or help you save up for a more reliable car, for example. So it’s important to try to shed your credit card debt as quickly as possible.

One good way to rid yourself of credit card debt sooner is to take on a side hustle. If you’re carrying credit card debt, chances are, it’s because your regular paycheck from work is only enough to make your minimum monthly payments. But if you’re able to earn extra money from a second gig, you can use it to chip away at your credit card balances and whittle them down.

But you should also know that consolidating your credit card debt could help you pay it off sooner. And here are two options to consider in that regard.

1. A balance transfer

With a balance transfer, you’re not shedding your credit card debt right away. Instead, you’re moving your balances onto a single credit card so you only have one monthly payment to make. But that’s not the only benefit.

Many balance transfer credit cards come with a 0% introductory interest rate. And not having to pay interest on your balance for what could be a year or more could be your ticket to busting out of debt for good.

Now you’ll need to pay attention to balance transfer fees, which could eat away at your savings. But if you read the fine print, you may find an offer that looks good to you. Click here for a list of the best balance transfer credit cards.

2. A personal loan

Unlike a balance transfer, a personal loan won’t give you a period of no interest on your debt. Rather, when you sign a personal loan, you commit to a preset interest rate on the amount you borrow.

The benefit of a personal loan, though, is that you’re generally looking at a lower interest rate — and often a much lower one — on your debt than what the typical credit card charges. And also, with a balance transfer offer, you run the risk of accruing interest at a rapid pace once your introductory rate period comes to an end. But with a personal loan, your interest rate is locked in.

So for example, say you find a balance transfer offer with a 12-month 0% introductory rate. That’s a good deal in theory. But if you don’t fully pay off your balance in 12 months, you might then get hit with a 26% interest rate on the remaining amount you owe.

On the other hand, if you sign a personal loan at 8% and get five years to pay it off, you don’t have to worry about your interest rate rising above 8%. So with a personal loan, you might get more peace of mind. Click here for a list of the best personal loan lenders.

Whether your credit card balance is higher than the average consumer’s, lower, or similar, it pays to try to reduce it to $0 as quickly as you can. And to that end, earning extra money with a side hustle and consolidating your debt via personal loan or balance transfer could be your ticket to getting out of credit card debt for good.

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