Transferring Credit Card Debt: Options & Considerations

You can transfer personal credit card debt if another individual is willing to assume all of your debt. This person can do so through a balance transfer or by paying down the debt with a new loan. In a balance transfer, the other individual will simply pay off your credit card with another credit card, and the debt will disappear from your credit report. To assume the loan, another individual can take a personal loan or a settlement loan, repay your debts, and take on the debt for you. In both cases, you are not actually allowing another person to take over your debt but allowing them to pay it off with a new debt.