The start of a new month can offer borrowers a fresh start and, this June in particular, it may be a smart time to revisit your credit card debt situation. Currently, the average credit card debt balance hovers around $8,000. And throughout the United States, the cumulative credit card debt balance sits over $1 trillion currently, a May report showed. While that's actually down slightly from the final quarter of 2024, balances overall are still up around 6% from the same time period last year. Combine this reality with an elevated interest rate climate, the prospect of lower credit card interest rates dim and lingering inflation issues and it becomes clear that the time is right to tackle your credit card debt before it grows further out of control.

But how do you do that and where do you even begin? Fortunately, there are multiple debt relief options available that you could qualify for, some of which can you help you start on the path toward reducing your credit card debt as soon as this June. Below, we'll break down four options to explore right now.

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How to cut credit card debt starting this June

Want to start cutting your credit card debt this month? Here are four viable options to consider:

Balance transfer credit cards

Balance transfer credit cards operate precisely as the name suggests. Borrowers can transfer their existing credit card balance from one account to another, with the balance transfer card typically coming with a low or 0% introductory interest rate. This allows borrowers to save on interest that they'd otherwise have been stuck paying with the initial card, and it will allow them to make a greater dent toward paying their debt off entirely, as their new payments will apply more toward the principal balance. That said, balance transfer rate offers are limited and will typically only last for a small amount of time, so if you choose this alternative, be prepared to be aggressive in the limited time you have.

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Debt consolidation loans

The average personal loan interest rate is just under 13% now, while the average credit card interest rate is just under 23%. So, if you can consolidate your credit card debt with a personal loan, it makes obvious financial sense to do so. And the great feature about debt consolidation loans is the flexibility (besides the low rate). These sorts of personal loans can be secured independently by borrowers or with the help of a debt relief company, giving you two viable ways to start chipping away at your debt. That said, you'll generally need to have good credit to qualify for a low debt consolidation rate but, if you do, this can be a helpful alternative to consider.

Debt management programs

Have a credit card debt situation that will only resolve itself with a hands-on approach from an expert? Then, a debt management program can be the solution for you. These programs start with a financial assessment of your situation and proceed to negotiations with credit card companies to (hopefully) reduce your credit card rates and they'll often move on to a payment plan completion and, with that, a structured debt payoff timeline. Programs differ from company to company but they can be viable for those who want to start cutting their debt load this month but don't know where or how to start the process.

Credit card debt forgiveness

Credit card debt forgiveness may not apply to everyone with a debt balance but it could be the right solution for many who have credit card debt in the amount of $5,000 or higher. If you owe that much to your credit card companies, are already delayed in payments and have one or more financial hardships that you can document underlying your inability to make payments, this could be the debt relief solution you need. 

That noted, credit card debt forgiveness is not an overnight fix. You can start the process (if you qualify) this June, but it typically takes two to four years to complete. But that end result could mean forgiveness of up to 50% of your credit card debt, so the timeline may be worth it, depending on the severity of your debt amount.

The bottom line

With multiple credit card debt relief strategies and programs available, and with the urgent need to regain your financial freedom particularly high this June, now could be the time to take action. By reviewing these four potential options and evaluating your unique credit card debt situation, you can better determine which makes the most sense for you now and, more importantly, start the delayed work of cutting your credit card debt permanently.