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I Have Three Credit Cards With Rates Around 25%. How Can I Get Out of Debt? – Bill

“Dear Steve,

I have over 13k in credit card debt with 3 cards, my rate on all 3 is around 25% How can I lower the rate. I have a steady job so far, my wife doesn’t, she is self employed. we have 2 car pmt and a mtg payment

How can I lower the rate? Is it possible to lower my balance?


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About Steve Rhode

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.
  • Bill Pratt


    First, just call your credit card companies and ask. WHen they say no, ask to speak to their supervisor. Tell them you don’t want to fall behind, but the payments are so high based on the current rates that you are pleading for some assistance with the rate. You should also look at your car payments and see if you have too much car for your income. You can always consider a part-time job for either one of you (temporarily) which may include teaching at a community college if you have certifications or a Master’s degree. Use the money to pay down/off one card which will free up some money (don’t just increase your spending when you get a part-time job or you will trap yourself more).

    -Bill Pratt
    Author of The Graduate’s Guide to Life and Money and
    Extra Credit: The 7 Things Every College Student Needs to Know About Credit, Debt & Ca$h

    Bill Pratts last blog post..billpratt: deciding which colleges to send my credit card seminar flyer to

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