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U.S. consumers generally aren’t strangers to debt. People borrow money all the time, whether to finance a car or cover essential bills that are too much for their paychecks.

But recent data from The Motley Fool Ascent shows that American consumers carried an average debt load of $104,215 in 2023.

As of 2023, the average mortgage debt was $244,498. But mortgage debt is typically less problematic than credit card debt, because mortgages usually charge lower interest rates and help you eventually own a valuable asset.

Credit card debt, on the other hand, can mess up your finances big time. And as of 2023, the average consumer balance was $6,501.If you’re struggling to keep up with your credit card debt, you should know that falling behind could damage your credit and make it very hard to borrow money affordably in the future.

Also, the longer you carry your credit card debt, the more it will cost you in interest. But there are steps you can take to make your debt more manageable and pay it off sooner.

1. Consider a balance transfer

One problem with credit card debt is that the interest rate on it can climb over time, making it more expensive. Not to mention, the interest rate you’re paying may be exorbitant to begin with.

If you have good credit and owe money on a few different cards, you may want to look at doing a balance transfer, where you move your existing balances over to a new credit card with a lower interest rate. Many balance transfer offers come with a 0% introductory rate. So you might get a reprieve from racking up interest for 12 months, 15 months, or sometimes even longer. Click here for a list of the best balance transfer credit cards.

If you manage to score a 0% introductory rate on a balance transfer, one thing worth doing is picking up a side job so you can boost your earnings and free up more cash for debt payoff purposes. You’ll want to knock out as much of your debt as possible before that introductory period comes to an end and your remaining balance begins accruing interest.

2. Consolidate your debt via a personal loan

A personal loan can be a more affordable option for borrowing money than credit cards because you’ll likely be looking at a lower interest rate if your credit is in decent shape. And personal loans offer the benefit of fixed interest rates, so your monthly payments are predictable. That alone could make your debt easier to manage.

If you’re in the market for a personal loan, check out this list of the best personal loan lenders.

3. Consolidate via a home equity loan

It’s a big myth that you can only take out a home equity loan to fix or improve your property. Like personal loans, home equity loans allow you to borrow money for any purpose. But if you have a lot of equity in your home, you may find that you’re able to borrow at a lower interest rate than what a personal loan will give you.

Of course, there’s a danger to borrowing with a home equity loan. If you fall behind on your payments, you could eventually risk losing your home. But you may find that this is a good option if you’ve been in your home for a while and have a fair amount of equity in it. Click here for our recommended list of the best home equity loan lenders.

You should also know that there’s a big difference between a home equity loan and a home equity line of credit (HELOC). With a HELOC, you’re generally looking at variable interest on your debt, which can make paying it off harder. So you may want to stick to a home equity loan only.

If your debt has reached the point where it’s no longer manageable, then it pays to explore these options for making it easier and more affordable to keep up with. And remember, if you’re managing your mortgage payments just fine, you don’t have to worry about paying down that loan ahead of schedule. Instead, focus on your credit card balances, which are likely causing your finances a lot more harm.

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