How long does credit card debt relief take?

Watching your credit card debt compound, especially without a clear plan to pay it off, can feel like you’re standing in quicksand. The harder you struggle, the deeper you sink. But with the average amount of credit card debt now hovering at nearly $8,000 per person and credit card interest rates sitting at about 23% on average, finding a way to get out of credit card debt has become a priority for millions of Americans. That path isn’t always straightforward, though, and if you’re looking into your credit card debt relief options, you may be wondering how long the process takes. 

The timeline for credit card debt relief varies significantly based on the strategy you choose. Some debt relief approaches may resolve your debt problems in as little as a few months, while others might stretch over several years or more. Before you choose a debt relief option based on the timeline, though, it’s worth considering that the fastest solution isn’t always the best. In some cases, the quick fixes often come with significant downsides like credit score damage or tax consequences. 

Understanding how each strategy unfolds over time can help you make a more informed decision about which path aligns with your goals. So, how long can you expect the credit card debt relief process to take?

Find out how to get rid of your credit card debt here.

How long does credit card debt relief take?

Here’s how long you can expect each debt relief strategy to take in terms of eliminating your credit card debt: 

Debt consolidation loans

Average timeline: 2-7 years

Traditional debt consolidation, which involves rolling multiple credit card debts into one loan at a lower rate, typically offers repayment terms between two and seven years. The benefit of this approach is immediate simplification and potentially lower interest rates, especially if you have good credit. 

The exact timeline depends on the loan terms you qualify for, though, and those are heavily influenced by your credit score and income. The application process itself is relatively quick, though — you can often apply and receive funds in as little as one to seven business days. 

Once you’re approved for the loan, your credit card debts are paid off immediately, and you’re left with a single monthly payment to your new lender. You then repay the loan according to your new loan terms, which ultimately dictate how long the timeline will be for getting out of debt.

Explore your credit card debt relief options online now.

Balance transfer credit cards

Average timeline: 12-21 months

With a balance transfer strategy, the goal is to transfer your high-rate card balances to a new credit card with a 0% introductory rate on balance transfers. This cuts out interest temporarily, with the intro period typically ranging from 12 to 21 months. 

The application and balance transfer process usually takes one to two weeks from start to finish. Once complete, the clock starts ticking on your interest-free period, so this option works best for those who can pay off their debt within this promotional window. 

After that window closes, your remaining balance will be charged interest at the card’s regular rate. So, while this can be one of the quickest relief options if you’re disciplined with payments, failure to pay off the balance before the promotional period ends could erase your savings.

Debt management 

Average timeline: 3-5 years

Debt management programs, which are offered through credit counseling agencies, involve negotiating with creditors to reduce interest rates and waive fees while you make consistent monthly payments through the agency. These programs offer structured support and education throughout the repayment process, making them ideal for those who need guidance and accountability.

Debt management programs typically operate on a three- to five-year timeline from start to finish. The setup process generally takes about 30 to 45 days in total, including initial consultation, creditor negotiations and establishing payment arrangements. So, it will likely take a few years for you to become debt-free if you take this route.

Debt settlement

Average timeline: 2-4 years

With debt settlement, the goal is to negotiate settlements with creditors that are 30% to 50% (or more) lower than your current balance in return for a lump-sum payment on the account. This approach involves stopping payments to creditors while saving money in a dedicated account. Once you’ve accumulated sufficient funds, negotiators attempt to settle your debts for less than the full amount owed.

Debt settlement programs usually take between two and four years to complete, though that timeline can vary based on how much you have available to save for settlements and the total amount of your debt. The first settlements typically occur after six to nine months (or when you’ve saved enough to make meaningful settlement offers). However, the process continues until all enrolled debts are settled, which can take up to several years.

The bottom line

When it comes to credit card debt relief, the timeline can differ significantly based on the type of debt relief you pursue. Remember, though, that the most important factor isn’t necessarily speed but sustainability. A realistic plan that you can maintain consistently will often prove more effective than an aggressive approach that leads to burnout or additional borrowing.