Balance transfer vs. personal loan vs. HELOC: Which works for credit card debt?

Deciding whether a balance transfer, HELOC or personal loan is the best option for your credit card debt isn't as simple as picking the lowest-rate option. Getty Images

It's no secret that credit card debt has been weighing heavily on household budgets lately. With average interest rates hovering around 22% and cardholder balances averaging nearly $8,000 , it can be hard to get control of this type of debt, especially once the compound interest charges start accruing. As a result, finding a way to lower those costs may be a high priority on your list. Luckily, there are multiple tools you can use to help manage and potentially eliminate that debt faster, including balance transfer credit cards , personal loans and home equity lines of credit (HELOCs).

On the surface, th