I’d Like to Freeze My Debt And Lower My Interest Rates. – Cindy

“Dear Steve,

My husband & I currently owe about $15,000 in credit cards. We have been paying on these for the last 10 years only to find ourselves with higher balances, due to late payments and high interest.

Is there anyway to freeze the principal and lower the interest rates, so we can make some headway?


Dear Cindy,

There are two things you can do. The first would be to enroll in a debt management program for the lower interest rates available. The second option would be bankruptcy. I know that sounds extreme but it is the only way you can get binding 0% interest on your debt.

Both debt management and bankruptcy will hurt your credit but there is no free lunch in the world. If you don’t like that fact then continue on the gerbil wheel of debt payments you are on now and stop back in ten years and let me know how much progress you made.


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.
Steve Rhode
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