To pay off $9,000 in credit card debt within 36 months, you will need to pay $326 per month, assuming an APR of 18%. You would incur $2,735 in interest charges during that time, but you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.
The average length of a 0% APR balance transfer intro period is 13 months, according to WalletHub’s Credit Card Landscape Report, and the average balance transfer fee is 3.1% of the transferred amount. Below, you can see how much you could save while paying off $9,000 over different time frames, assuming a 12-month 0% APR period, a 3% balance transfer fee, and an 18% regular APR.
Paying Off $9,000 with a 0% APR Balance Transfer Card
| Months to Payoff | Monthly Payment | Total Interest Paid | Total Savings vs. Regular Card |
| 12 | $773 | $0 | $638 |
| 24 | $405 | $445 | $1,082 |
| 36 | $290 | $1,157 | $1,308 |
| 48 | $234 | $1,963 | $1,487 |
| 60 | $202 | $2,831 | $1,650 |
Of course, these aren’t the only timelines that you could commit to with $9,000 in debt. To price out more options, try WalletHub’s debt payoff calculator. This calculator can also help you decide if transferring the $9,000 in debt to a 0% APR balance transfer credit card would save you money.
Getting a 0% APR credit card isn’t the only way to pay off $9,000 in debt. In fact, there are many options to consider, each suited for slightly different situations.
Ways to Pay Off $9,000 in Credit Card Debt
- 0% APR Credit Card
- Personal Loan
- Debt Settlement
- Debt Management Plan
- Bankruptcy
0% APR Credit Card
0% APR credit cards allow you to avoid interest while paying down your debts. These cards can offer 0% introductory periods on new purchases or balance transfers for up to 21 months.
Keep in mind that you may have to pay a balance transfer fee, which is usually around 3% of the transferred amount. Also, if you decide to transfer your debt to one of these credit cards, do your best to pay it off before the 0% intro period ends and the typically-high regular interest rate kicks in.
Personal Loan
Personal loans can be used to pay off $9,000 in credit card debt, assuming you can qualify for a big enough loan with a lower interest rate than your current credit card interest rate. This depends heavily on your creditworthiness.
Debt Settlement
Debt settlement is when the debtor negotiates with the creditor to pay a lump-sum that covers less than the total amount of the debt. In return, the creditor will forgive part of the debt, as well as other outstanding fees. This option is good for people who have enough money to make a large payment all at once. When taking this route, just be careful not to overextend yourself financially, or you’ll likely just end up back in debt.
Debt Management Plan
Debt management plans allow the cardholder and the lender to amend the original payment agreement by lengthening the repayment term, lowering the interest rate, and perhaps even waiving fees. Each of these modifications is meant to make the repayment process more manageable for the cardholder. Keep in mind, though, that cardholders are still expected to pay the full $9,000 with these plans.
Bankruptcy
Bankruptcy should only be used as a last resort. While declaring bankruptcy may help you clear your debt, it will also damage your credit score for years.
This answer was first published on 02/07/24. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
To pay off $9,000 in credit card debt within 36 months, you will need to pay $326 per month, assuming an APR of 18%. You would incur $2,735 in interest charges during that time, but you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.
How to pay off $9000 in debt fast? ›
7 ways to pay off debt fast
- Pay more than the minimum payment every month. ...
- Tackle high-interest debts with the avalanche method. ...
- Set up a payment plan. ...
- Put extra money toward paying off your debts. ...
- Start a side hustle. ...
- Limit unnecessary spending. ...
- Don't let your debt hit collections.
Read on for five ways to pay off $10,000 in credit card debt and work toward a fresh financial start.
- Debt consolidation loan. ...
- 0% balance transfer credit card. ...
- Make a budget. ...
- Use a debt repayment method. ...
- Negotiate credit card debt.
Adam McCann, Financial Writer
It will take 28 months to pay off $9,000 with payments of $400 per month, assuming the average credit card APR of around 18%. The time it takes to repay a balance depends on how often you make payments, how big your payments are and what the interest rate charged by the lender is.
How to clear 10k of debt? ›
Ways to clear your debt
- Informally negotiated arrangement.
- Free debt management plan (DMP )
- Individual voluntary arrangement (IVA)
- Bankruptcy.
- Debt relief order (DRO)
- Administration order.
- Debt consolidation and credit.
- Full and final settlement offer.
- Using a balance transfer credit card. ...
- Consolidating debt with a personal loan. ...
- Borrowing money from family or friends. ...
- Paying off high-interest debt first. ...
- Paying off the smallest balance first. ...
- Bottom line.
It will take 24 months to pay off $8,000 with payments of $400 per month, assuming the average credit card APR of around 18%. The time it takes to repay a balance depends on how often you make payments, how big your payments are and what the interest rate charged by the lender is.
What are 3 ways to pay off credit card debt fast? ›
How to pay off credit card debt fast
- In a nutshell. ...
- 4 ways to pay down debt fast. ...
- Use a popular debt repayment strategy. ...
- Apply for a debt consolidation loan. ...
- Consider a balance transfer credit card. ...
- Use a debt relief program.
If you only make minimum payments, a $10,000 credit card balance will cost you $16,056.59 in interest and take 346 months to pay off. Minimum payments on a $10,000 balance would start at $267 and decrease as you paid down what you owe.
How many Americans have over $10,000 in credit card debt? ›
Of those who had maxed out their credit cards, 85% said they were pushed to use their cards to the limit because of price increases from inflation. Approximately 22% of Americans said they now owe between $10,000 to $20,000 in credit card debt, and 5% have more than $30,000.
Personal Loan Calculator
| $5,000 | $9,000 |
|---|
| 24 mos. | $267 | $480 |
| 36 mos. | $199 | $358 |
| 48 mos. | $166 | $298 |
| 60 mos. | $147 | $264 |
To pay off $9,000 in credit card debt within 36 months, you will need to pay $326 per month, assuming an APR of 18%. You would incur $2,735 in interest charges during that time, but you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.
What would payments be on $9000? ›
The monthly payment on a $9,000 loan ranges from $123 to $904, depending on the APR and how long the loan lasts. For example, if you take out a $9,000 loan for one year with an APR of 36%, your monthly payment will be $904.
How to wipe credit card debt? ›
Outside of bankruptcy or debt settlement, there are really no other ways to completely wipe away credit card debt without paying. Making minimum payments and slowly chipping away at the balance is the norm for most people in debt, and that may be the best option in many situations.
How to pay off $8000 in credit card debt? ›
To pay off $8,000 in credit card debt within 36 months, you will need to pay $290 per month, assuming an APR of 18%. You would incur $2,431 in interest charges during that time, but you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.
How to pay off debt when you are broke? ›
How to get out of debt when you have no money
- Step 1: Stop taking on new debt. ...
- Step 2: Determine how much you owe. ...
- Step 3: Create a budget. ...
- Step 4: Pay off the smallest debts first. ...
- Step 5: Start tackling larger debts. ...
- Step 6: Look for ways to earn extra money. ...
- Step 7: Boost your credit scores.
1% of the balance plus interest: It would take 29.5 years or 354 months to pay off $10,000 in credit card debt making only minimum payments. You would pay a total of $19,332.21 in interest over that period.
How to pay off debt when you live paycheck to paycheck? ›
Tips for Getting Out of Debt When You're Living Paycheck to Paycheck
- Tip #1: Don't wait. ...
- Tip #2: Pay close attention to your budget. ...
- Tip #3: Increase your income. ...
- Tip #4: Start an emergency fund – even if it's just pennies. ...
- Tip #5: Be patient.
Make debt payments beyond the minimum.
Making more than your required minimum payment can help you pay off debts more quickly and save money in interest charges. Earmark unanticipated funds, such as your tax return or a bonus, for debt payments.
How can I pay off my debt immediately? ›
Here are five of the fastest ways to achieve debt freedom:
- Take advantage of debt relief services.
- Reduce interest where possible.
- Focus on your highest interest rate first.
- Take advantage of opportunities to earn extra income.
- Cut expenses where possible.
