Credit Cards

How Can I Get My 18% Interest Rate Credit Card Paid Off

Written by Steve Rhode


Dear Steve,

I have a two credit cards that I am trying to get a lower interest rate, it is 18% now, I have been in a national debt relief program and I have only 5 more payments and I will be done totally with them.

I do have my own credit card with a 3000.00 balance at 18%, and that is the lowest interest rate they will give me. I don’t have very good credit. Is there anything I can do to get this lower so I can get it paid off?

Is there any way I can get a lower interest rate with poor credit so I can get this paid off?



Dear Cathy,

I’m curious why that card with the balance was not included in your debt relief program. One reason might be that you have incurred that balance after enrolling your other cards in that other program.

An interesting aspect of credit cards is the effective interest rate is 0% if the balance is paid in full by the due date. It seems that something has been going on that has prevented you from doing this.

My concern then becomes if this card with the 18% balance has been used to make up for a shortfall in your current income. That would be a troubling symptom of a bigger problem.

A card with an 18% interest rate is actually not horrible. One way to pay it off with a lower interest rate would be to find a balance transfer offer and then pay the entire balance off before the introductory rate ends.

For example, if you found a card offering you a 12-month 0% balance transfer offer you would need to repay $3,000 * 5% (fee they charge) equals $3,150. You then need to pay $262.50 to pay it off before the rate ends in 12 payments.

I’m also concerned that you are not focusing on building good credit and that is letting your credit rate suffer from the other cards that might be enrolled in a debt settlement program.

READ  Outrage Over Credit Cards with 222% APR

To have a good credit score you have to play the credit score game. You should read How to Easily Rebuild and Repair Your Credit After Bankruptcy, Foreclosure, or Repossession.

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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.


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