U.S. Credit Card Debt is at a 23-Year High

After years of inflation and rising living costs, Americans are feeling the financial squeeze, with many piling up credit card debt they can’t pay off. In fact, credit card defaults hit a 14-year high in 2024¹.

And that’s not the only worrying trend. Total U.S. credit card debt climbed to a record $1.17 trillion in the third quarter of 2024 — the highest level on record in Fed data going back to 2003² -- and the average credit card debt per borrower is currently at a whopping $6,329³.

Do You Have Credit Card Debt of Your Own?

If you’re struggling to keep up with your expensive credit card payments, one of the smartest things you can do is cut back on how much you pay in interest. The average APR for credit card users carrying a balance is 24.26%⁴. But if you have a good to excellent credit score, you could cut that rate to 0% APR for 18 months with this recommended card from CardCritics.

Pay $0 in Interest Until Nearly 2027

Credit card interest adds up fast. It’s not uncommon for a large portion of your monthly payment to go toward interest, instead of paying off your balance and getting you out of debt. This can cause a seemingly minimal credit card balance to take years to pay off.

But when you use a balance-transfer card, like one of these top CardCritics recommendations, you can consolidate your debt from another credit card — or even multiple credit cards — into one card with a 0% introductory APR for nearly two years.

You Could Save Over $1,200

Given the average APR is 24.26% and the average credit card debt per borrower is $6,329, hypothetically, if you decided to pay this amount of debt off over a year and half, your monthly payments would be $422.96, and you’d spend $1,284.32 on interest.

But if you used a top-rated CardCritics pick for a balance transfer, you could get a 0% introductory APR for 18 months after opening an account.

In this scenario, with the same monthly payment of $422.96 you would pay your balance off in 16 months and you’d save a total of $1,284 by opting for a balance transfer. These calculations even take into account the nominal balance transfer fee.

More Reasons Why We Love These Balance Transfer Cards

If you need any more reasons to consider applying for a recommended card from CardCritics, then rest assured, the benefits are multi-fold:

• Unlimited cash back on essentials
• Intro APR on balance transfers
• $0 in annual fees
• Eligible to fair to excellent credit users

The Bottom Line

These top-rated CardCritics picks are a smart way to cut your credit card interest to 0% APR for 18 months while also earning incredible cash back rewards. It’s easy to apply here and see how much you could save.

* Balance transfers do not earn cash back. Intro APR does not apply to purchases.
If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month. Balance transfers must be completed within 4 months of account opening. There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening; after that, your fee will be 5% of each transfer (minimum $5).

1 Financial Times
2 The New York Federal Reserve
3 TransUnion, as of the third quarter of 2024
4 Federal Reserve, as of January 2025