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.

Cheryl

Cheryl

“I felt frustrated and defeated that I was never going to get control of my debt. I didn’t know how to catch up. Consolidated Credit was able to drop the interest rate on one card to half of what it was before. A couple dropped more and one card’s rate dropped to 0%. I couldn’t have managed my debt without Consolidated Credit!”
Troy

Troy

“I tried negotiating with the credit card companies on my own, but they wouldn’t work with me. They said, ‘We can’t do anything for you.’ My credit counselor made some phone calls and had my interest rates reduced significantly—exactly what I needed to pay down my debt. Consolidated Credit is the answer to help you get through this stuff.”
Dan

Dan

“I was skeptical but willing to believe that there could be an organization that could use its mission and power to help me and people like me. Their approach used existing relationships with creditors to reduce my interest rates to an APR of between 2.5% and 5.5%. Consolidated Credit bought me time. It bought me room to breathe again.”
Amber

Amber

“I transferred the balance on one card to a lower interest rate card, but then started charging on the card that had the zero balance again. I was only making the minimum payments, and some of my other cards had interest rates up to 30 percent. Consolidated acted like an advocate. I made monthly payments of about $280 and I could actually see my debt disappearing. It was wonderful.”

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