Ask The Get Out of Debt Experts Credit Counseling Debt Consolidation Loan

How Can We Get Our Credit Card Rates Lowered Without Credit Counseling? – Christine

“Dear Steve,

My husband and I started a small business last year and put all the inventory and startup costs on credit cards. Initially, we bounced the cards from one 0% offer to another, but then we made a couple of late payments and now ALL of our cards are at 29.9%. We are making the minimum payments every month, but it’s very hard and it kills me to know that the interest rates are so high. We have called the card companies to ask for lower rates, but they refused to lower them. We owe about $60,000.

I don’t feel that we need credit counseling, because all our other bills and mortgages are paid on time. But we do need some help getting these rates lowered so we’re not paying interest only for the next 20 years.

What is your best suggestion to get our credit card rates lowered so we can pay off all this debt?


Dear Christine,

If you have a credit score about 660 then you can look at as a place to get an unsecured, fixed rate, debt consolidation loan. The maximum loan through is $25,000 and that might be enough to greatly reduce your balance or completely consolidate it.

Outside of that, your next step would be to click here for credit counseling information. This credit counseling program may lower your interest rates significantly but the accounts would be closed and your payment would remain about the same as what you are paying now.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

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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