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I Want to Consolidate My Credit Card Debt at a Good Interest Rate. – Roy


“Dear Steve,

Trying to consolidate debt. seems there is no real help unless you default im trying to get help before I get to that point. just want a fair deal…looking for 9 to 11 % interest rate for roughly 25,000 total debt( not including 20,000 left on two car payments)

I make a good salary now but it is hard to see the benefits of it when most extra money is just going to minimum payments on ridiculously high interest credit cards.I have a solid GOOD credit rating and payment history


Dear Roy,

A true debt consolidation loan is impossible to come by without you putting up your home equity or something else as collateral.

A true debt consolidation loan often winds up digging a deeper hole latter on. What happens typically is after six months the card balances start to creep up again and before you know it you have a loan and high balances again.

I know, you’re saying that won’t happen to you. And that’s exactly what everyone else said also.

Keep hunting for a loan if you want. The scammers will have a new name for you, the mark. Someone will sell you a load of crap and tell you they can qualify you for a loan if you only pay an up-front fee. It’s a scam.

If you are just looking for lower interest rates and you are willing to have all your credit cards closed, investigate a debt management program. With $25,000 of debt your payment will be around $500 a month.


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.

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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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