Pay more than the minimum to start whittling down the balance, then examine transfer or consolidation options.
Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
If you’re carrying serious credit card debt — like $15,000 or more — youre not alone. The average household with revolving credit card debt — that is, debt that they carry from one month to the next — had more than $7,000 worth of revolving balances in 2019. Thats just the average. An awful lot of families have more than twice as much credit card debt as they should.
But just because a $15,000 balance isnt rare doesnt mean its a good thing. Credit card debt is seriously expensive. Most credit cards charge between 15% and 29% interest, so paying down that debt should be a priority.
However, dealing with a five-digit credit card debt can feel overwhelming. It’s hard to come up with that much money, but here are some things you can do to deal with a lot of debt:
Having $15,000 in credit card debt can feel overwhelming But is it objectively “a lot” of debt? Unfortunately, high credit card balances are common – the average US household owes over $7,500 just in credit card debt But that doesn’t change the fact that carrying debt, especially at high interest rates, isn’t financially healthy.
How much debt is too much? Maybe $15,000 in credit card debt is “a lot” for some people, but it depends on their own finances. Many times, though, owing that much money means it’s time to make a plan to pay it back. If you have a $15,000 credit card balance, here are some things to think about.
How Lenders and Credit Bureaus View $15,000 in Debt
From lenders and credit bureaus’ points of view, $15,000 isn’t a crazy amount of debt for someone with good credit and income.
According to Experian data, the average credit card limit is around $7300. So someone with great credit could potentially have two cards maxed out at $15,000. Lenders may raise eyebrows if your total credit utilization crosses 50% across all cards. But a high balance alone isn’t necessarily damaging.
Much more important is your payment history. As long as you make at least the minimum monthly payments on time, a $15K balance won’t tank your credit scores. Slow and steady payments show credit bureaus you’re a responsible borrower able to manage debt.
Weighing $15,000 Debt Against Your Income and Lifestyle
Of course, it’s not good to owe more than you can afford to pay back. You should decide for yourself if $15,000 in debt is too much for you.
Ideally, your total debt payments should be less than 15% of your monthly take-home pay. If you earn $5,000 a month after taxes, for example, you’d want to keep debt payments under $750 a month.
Based on average interest rates, monthly payments on $15,000 balance would be around $450. So this debt load wouldn’t be unmanageable for our hypothetical $5K/month earner. But it would rule out taking on additional debts like car loans or mortgages.
However, if your income is lower or you have other inflexible expenses, $450 extra a month could stretch your budget too thin. Evaluate whether $15K debt forces you to take on credit card interest you can’t afford.
Strategies for Paying Down $15,000 in Credit Card Debt
If you’ve decided that your $15,000 balance is hurting your finances, it’s time to start planning how to pay it off. Here are a few proven options:
-
Pay more than the minimums. Minimum payments on $15,000 balance would be around $300. But continuing minimum payments means you’ll be in debt for years and pay huge interest charges. Pay at least double the minimum to knock down the principal faster.
-
Consolidate with a lower-interest loan. Qualifying for a debt consolidation loan with a lower interest rate than your cards can reduce the monthly payments. This makes repaying debt more affordable.
-
Transfer to a 0% balance transfer card. Getting a 0% intro APR card offer can pause interest charges for over a year. Use the intro period to pay down as much principal on the balance as possible.
-
Try debt management with a nonprofit credit counselor. If you need help negotiating lower rates and creating a customized repayment plan, contact a reputable credit counseling agency.
-
Cut expenses temporarily. Funnel every spare dollar possible toward debt repayment. Limit dining out, discretionary shopping and extras until the balance is paid.
With consistent payments and budgeting, a $15K balance can be wiped out faster than you might think. Within a year or two, you could be debt-free.
Maintaining Financial Health with $15,000 in Debt
If you have no choice but to carry high credit card debt for awhile, focus on maintaining healthy finances despite the burden:
-
Make at least the minimum monthly payments on time. Set payment reminders to avoid missed payments and credit damage.
-
Avoid charging additional purchases. Buy only essentials in cash until the balance is paid down substantially.
-
Keep utilizing credit lightly. Letting accounts sit inactive hurts credit scores. Make small purchases periodically and pay them off quickly.
-
Check credit reports regularly. Dispute any errors with bureaus to keep your scores as high as possible.
-
Consider balance transfer offers. Transferring portions of the balance to new 0% cards periodically can provide interest relief.
-
Pay down cards with the highest rates first. Target the most expensive debt for repayment before lower-rate debts.
With good financial habits, $15,000 of debt doesn’t have to wreck your credit or finances. Stay disciplined about paying it down as quickly as you can.
When to Seek Debt Help for $15,000 Credit Card Balances
It’s smart to seek professional help if:
-
You begin missing payments or can’t pay the minimums. Debt counselors can help craft a plan and negotiate alternate repayment terms.
-
Interest charges become unmanageable. Nonprofit credit counseling services can often negotiate much lower interest rates.
-
You rely on payday loans or cash advances. Stopping vicious cycles of costly debt is better done with guidance.
-
Financial stress is harming mental health. Counselors help provide both financial and emotional support.
-
Bankruptcy begins feeling inevitable. Get advice on alternatives that avoid the credit damage of bankruptcy.
Don’t wait until large debts completely overwhelm you. Seek impartial guidance as soon as repayment feels difficult.
The Bottom Line: $15K Debt is Common But Still Needs a Payoff Plan
To sum up, carrying $15,000 in credit card debt isn’t unusual, but it still warrants action. Work on paying down the balance faster while protecting your credit and overall finances. With focus and discipline, you can become debt-free and enjoy long-term financial health.
Pay at least double the minimums
One of the worst things that you can do when you’re in credit card debt is pay only the minimums. Minimum payments equate to only 2-3% of the balance owed on the card, so if you don’t start upping your monthly payments, you’re going to be in debt for a very long time. This also means that you’ll be shelling out thousands in interest.
If you can, make at least twice the minimum payment every month. This will help you pay off your debt much faster, but more is always better. You should spend less on other things so that you can pay off your debts as quickly as possible. It may be hard at first, but the interest you’ll save will be well worth it.
Stop charging
If you’re used to relying on your credit card to make your day-to-day purchases, cutting yourself off from charging might be really tough at first. But to get out of a hole, you’re going to have to stop digging.
It is essential to stop adding new debt by switching to cash or debit as soon as possible. If you know you’ll be tempted to charge, consider taking drastic steps: Cut up your card, or hand it over to a trusted friend or family member so that you won’t have easy access to it. Just do whatever you have to do to stop the bleeding.
$15k Debt Gone in 6 Months? How?
FAQ
How long does it take to pay off 15k debt?
A $15,000 debt with a minimum payment of $3 a month means $227 months (almost 2019 years) of payments, starting at $450 a month. You will have paid the $15,000 off and almost as much in interest ($12,978 if you pay the average interest rate of 14%) by the time you’re done. 96%) as you did in principal.
What is considered a high level of debt?
If it’s 50% or more, your debt load is high risk; consider getting advice from a bankruptcy attorney. Apr 30, 2025.
Is $15000 in credit card debt a lot?
$15000 in credit card debt is not a lot, but it’s not at all ideal with your income.
What is considered a lot in debt?
If you have a debt-to-income ratio near or more than 40%, this is a sign that you may have a debt problem.