Have Over $50K in Credit Card Debt? Here's How to Pay It Off

It's never easy to get out from under your credit card debt. But it's one thing to have $6,473 (the average American credit card debt) and another to have $50,000 or more. At that level of debt, you're likely paying hundreds each month -- if not a thousand dollars or more -- just to meet interest payments. And that's not even putting money toward the principal, the heart that's generating more debt.

Big debts call for big measures. If you're sick of having this $50,000 debt dragging down your finances and lifestyle, here are three strategies that could help you pay it off.

Negotiate credit card interest rates

Credit card companies aren't always the bad guys. In fact, even though they make money off interest payments, they also want you to pay them back, especially if you owe a high amount like $50,000. To that end, credit card companies will often work with borrowers to create a repayment plan that helps you eliminate the debt.

To negotiate your credit card debt, call the numbers on the backs of your credit cards and ask to speak to a representative in the debt settlement department. Once connected, explain what you're going through and how you'd like to pay off the debt. You could even propose your own solutions, or ask them what payment plans they might offer.

For instance, some credit card companies will accept a smaller sum than what's owed if you agree to pay it all upfront. Others will reduce your credit card's interest rate for a specific period. During this time, they might set up a payment plan to ensure you pay the balance off before the reduced rate period ends.

Not every company will work with you. But it's worth a try, especially if your credit score is low and your options are limited.

Eliminate high interest payments with balance transfer credit cards

The best balance transfer cards are designed to facilitate balance transfers. This is a transfer of credit card debt from one card to another.

For instance, the Wells Fargo Reflect® Card offers 21 months of 0% APR from account opening for balance transfers. During this time, you can carry a balance without paying credit card interest. It's important to make a strategy and pay off your debt before the period ends, however, as the card's APR will scale up once the promotion is over.

On the downside, balance transfer credit cards often impose balance transfer fees, usually about 3% to 5% of the total transfer. That means, for every $1,000 you transfer, you'll likely pay between $30 and $50 in fees (you'd pay $1,500 to $2,500 to transfer a $50,000 balance). These cards will also cap how much you can transfer, and it's usually the same amount as the card's credit limit. It's unlikely, then, that you'll get a credit card that will accept the full $50,000.

When used as one tool among other debt repayment strategies, however, it can be effective in saving you money on interest.

Consider debt consolidation loans

Debt consolidation loans combine balances from different credit cards into one monthly loan payment. The APR on these loans is often lower than credit cards, so you can take the savings on interest and put it toward your principal. Unlike balance transfer credit cards, many of these loans have high enough limits to allow a $50,000 transfer.

You might need to make some sacrifices

Hang in there. As tough as this time feels, staying focused and making a plan can be what you need to chip away at your credit card debts. Most importantly, as you win -- because you will beat this debt -- be sure to celebrate the victories along the way. Paying off $50,000 in debt is a serious accomplishment, so plan for something exciting to help you get there.