If you can’t seem to break the cycle of credit card debt, you’re not alone. TransUnion reports that in the second quarter of 2024, the average credit card balance was $6,329. That’s quite a noticeable increase from a year earlier, 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 high interest rates.

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

But an extra $1,402 could do your finances a favor if you were able to keep that money. It could help cover your emergency fund or help you save for a more reliable car, for example. Therefore, it is important to try to get rid of credit card debt as quickly as possible.

A good way to get out of credit card debt sooner is to take on a side hustle. If you have credit card debt, chances are, it’s because your regular salary from work is only enough to make the minimum monthly payments. But if you manage to earn extra money from a second gig, you can use it to knock off your credit card balances and lower them.

But you should also know that credit card debt consolidation can help you pay it off faster. And here are two options to consider in this regard.

1. A balance transfer

With a balance transfer, you don’t get rid of your credit card debt right away. Instead, you move your balances onto one credit card so you only have one monthly payment to make. But this is 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 getting out of debt for good.

Now you’ll have to pay attention to balance transfer fees, which can wipe out your savings. But if you read the fine print, you might find a deal that works for you. Click here for a list of the best credit cards for balance transfers.

2. A personal loan

Unlike a balance transfer, a personal loan won’t give you an interest-free period on your debt. Rather, when you sign a personal loan, you’re committing to a pre-set interest rate on the amount you’re borrowing.

The advantage of a personal loan, however, is that you’re generally looking at a lower interest rate – and often a much a lower one — on your debt than a regular credit card charges. And also, with a balance transfer offer, you risk accruing interest at a rapid rate once the introductory rate period ends. But with a personal loan, the interest rate is locked in.

So, for example, let’s say you find a balance transfer offer with an introductory rate of 0% for 12 months. It’s a good deal in theory. But if you don’t pay off your balance in full within 12 months, you could be hit with a 26% interest rate on the remaining amount owed.

On the other hand, if you sign a personal loan at 8% and have five years to pay it off, you don’t have to worry about the 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, lower, or similar, it’s worth trying to get it to $0 as fast as you can. And to that end, earning extra cash with a side hustle and consolidating your debt through a personal loan or balance transfer could be your ticket to getting out of credit card debt for good.