Almost 4 in 10 Americans Say This Is the Biggest Barrier to Building Wealth

Many people are familiar with credit card debt -- either because they're carrying balances themselves or know folks who are. Credit card debt can be stressful because you're on the hook for monthly payments that eat away at your income. But beyond that, it could also impede your ability to achieve some long-term financial goals.

In a recent survey by Edelman Financial Engines, 39% of respondents say that credit card debt is their biggest threat to building wealth. And 32% of wealthy respondents feel the same.

It's easy to see why. When you owe money on a credit card and are paying interest on a balance, that's money you can't use for other purposes. You can't use it to score a great rate on a CD, and you can't invest it in stocks and other wealth-building assets.

If you're currently in debt, it's best to do what you can to bust out of that situation as quickly as possible. The sooner you stop spending your money on interest, the sooner you can put it to work. Here are a couple of steps you can take to rid yourself of lingering credit card debt.

1. Consolidate your debt

Consolidating credit card debt won't always make it cheaper. But it might, depending on your situation. 

If you're carrying balances on multiple cards, a transfer to a single card with a 0% introductory APR could buy a reprieve on accruing interest for a period. That could make it possible to get ahead of your debt more efficiently.

Another consolidation option to consider is a personal loan. A personal loan lets you borrow money for any purpose you deem necessary. So you can take out a personal loan that's large enough to pay off your credit cards and then work your way through paying off that single loan as you can. 

The benefit is that you'll not only get a fixed interest rate on your debt (whereas credit card interest can be variable), but you might snag a much lower interest rate than what your credit cards are charging you. All told, paying off a personal loan might be a lot more manageable. 

2. Work a side job -- at least for now

"Get a second job" is advice that tends to get thrown around a lot in the context of financial struggles. And while it's legitimate advice, it's not always so easy to follow. 

It can be difficult to take on a second job when you're already working full time and have other commitments. But if you're specifically trying to pay off debt, your side hustle doesn't have to be permanent. You can work that second gig until you're debt-free, and from there, ditch your side hustle if you no longer want it eating up precious hours of your free time. 

Of course, you could try cutting back on spending to pay down your credit card debt instead of taking on the hassle of a second job. But you'll need to be honest with yourself here. 

Can you really cut your expenses to a large enough degree to make a dent in your debt pile? And will giving up the things you love make you miserable day in, day out? You may actually find that working a side job is less painful, so to speak, than not being able to join your friends for dinners out or concerts. 

Credit card debt can very much be a barrier to building wealth. If you're currently grappling with it, take these steps to work your way out as quickly and efficiently as possible.