Ask The Get Out of Debt Experts Debt Consolidation Loan

Is There a Way to Consolidate at a Low Rate? – Gab

“Dear Steve,

Owe $60,000 in credit card debt. Have good income but the high interest rates are making it difficult to pay back the cards.

Is there a way to consolidate at a low rate or get the cards to lower the rates on my cards?


Dear Gab,

Well the answer is yes and no. You could elect to click here for credit counseling information and investigate a debt management plan in which your creditors may reduce your interest rates on all the card included. The downside is the cards would be closed and that would impact your credit score.

The other solution would be to get an unsecured fixed rate loan from and consolidate the highest interest rate debt. The maximum loan is $25,000 but that should be enough to make a significant impact in your payments. Since the loan would payoff the cards included but not close them it would not have the same impact that the credit counseling approach would. is a peer-to-peer lending network where people lend to other people, cutting out the banks and lowering the interest rates charged.

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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