The 3 best ways to pay down credit card debt as APRs hit new high

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1. Avail yourself of balance transfer cards
Cards offering 15, 18 and even 21 months with no interest on transferred balances “can be your best friend on the path to getting out of credit card debt,” McBride said. “The 0% will shield you from interest charges and further rate hikes, but you’ll still have to do the dirty work of actually paying down the debt.”
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Making the best use of a balance transfer boils down to making those payments on time and aggressively paying down the balance during the introductory period. If you don’t pay the balance off, the remaining balance will have a higher APR applied to it, which is generally about 23%, on average, in line with the rates for new credit. Further, there can be limits on how much you can transfer, as well as fees attached. Most cards have a one-time balance transfer fee, usually around 3% to 5% of the tab. And one late payment can negate your no-interest offer.
2. Consider a personal loan
Otherwise, consider a debt consolidation loan, which is a type of personal loan that allows you to combine interest from multiple credit cards into one low-interest fixed payment, advised Sara Rathner, a credit cards expert at NerdWallet. “The interest rate will depend on your credit, but it may be worth it if the cost of interest and fees are significantly lower than what you’re currently paying on your credit cards,” Rathner said.
Currently, those rates are around 10%, on average, still well below what you may have on your credit card. Further, borrowers may find it simpler to budget for a fixed monthly payment until the debt is paid off, Rathner added. “That can be easier to wrap your head around.”
3. Employ a debt-payoff method