Getting Ahead of Rate Hikes When You Have Credit Card Debt
Even as interest rates rise, you can still get out of debt faster and save!
⚠ Consumer Alert: Understand the Challenges of Rising Rates
Interest rates are on the rise and that’s an issue if you have credit card debt. Most credit cards have variable rates, meaning credit card companies can raise your APR as long as they notify you 45 days ahead of time.
It also means popular solutions for getting out of credit card debt like debt consolidation loans may be less effective. You may find it hard to get a loan with the low-interest rate you need to save money and lower your payments.
Thankfully, there’s a way to reduce or even eliminate interest that’s not affected by rising interest rates on loans.
It’s a better way to consolidate.
Start now with a free evaluation.
What High Credit Card Interest Rates Cost You
Let’s say you have a total credit card balance of $5,000. You’re making $150 payments to pay it off. As APR increases, less and less of that $150 goes to pay off principal ( the actual balance you owe).
APR | Interest Paid | Balance Paid Off |
15% | $62.50 | $87.50 |
20% | $83.33 | $66.67 |
25% | $104.17 | $45.83 |
Try it yourself
Enter the current balance and APR on each of your credit cards. Then use the calculator below to see what high interest is costing you.
Find a Better Way to Pay Off Your Credit Cards
Consolidated Credit has been helping people find better ways to pay off high-interest rate credit cards for nearly 30 years. We work with creditors to reduce or eliminate interest rates and stop penalties, so people can get out of debt faster and save money.
Reduce interest rates to 0-10%
Cut total payments by up to 50%
Become debt-free in 36-60 months
Hear from real clients about how much they saved with Consolidated Credit
Consolidated Credit has been helping people find better ways to pay off high-interest rate credit cards for nearly 30 years. We work with creditors to reduce or eliminate interest rates and stop penalties, so people can get out of debt faster and save money.