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Surging inflation in recent years has forced many people to rely more on credit cards to make ends meet. Unfortunately, that’s led to a rise in credit card debt among most generations, millennials included. And the amount of money millennials owe on their credit cards at this point may surprise you.

Millennial credit card debt is growing

Experian, one of the three credit reporting bureaus, says that since 2012, the average credit card debt among millennials has more than doubled. And millennials now owe a little more than $6,600 on their credit cards on average.

That’s a problem, because credit cards are notorious for charging large amounts of interest. And also, too much credit card debt can be damaging to a credit score, making it harder to borrow money affordably.

How to get out of credit card debt

If you owe $6,600 on your credit cards, you should know that that balance is costing you money by the day. How much money? Well, it depends on the interest rate your credit card company is charging you and how long it takes to pay off your debt from this point forward.

But let’s say you have a 20% APR on a $6,600 balance, and it takes you five years to pay it off. In that case, you’re talking about losing almost $3,900 to interest, which is more than half of your existing balance. That’s just painful. And it’s also why you should make every effort to shed your credit card debt as quickly as possible.

One of the best ways to pay off credit cards in short order is to consolidate your debt. This often allows you to lower your interest rate and enjoy the benefit of only having to make one monthly payment. And there are a couple of options to consider.

First, consider a balance transfer, which allows you to move your existing balances onto a single card — and usually one with a 0% introductory rate. Getting a reprieve from racking up interest for what could be a year or more should make it easier to get ahead of your debt. Click here for a list of the best balance transfer credit cards to explore your options.

Another option is to consolidate your credit card balances into a personal loan. The benefit of a personal loan is that you’ll enjoy a fixed interest rate on your balance with predictable monthly payments. And if your credit score is in decent shape, you may find that the interest rate you get on a personal loan is significantly lower than what your credit cards are charging you now. Click here for a list of the best personal loan lenders to get started.

You may or may not be shocked to learn that the average millennial has over $6,600 in credit card debt. But no matter your age or your credit card balances, your goal should be to shed that debt as quickly and efficiently as possible. And using a balance transfer or personal loan could be your ticket to doing that.

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