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How Can I Pay Off My Closed Credit Cards at a Lower Interest Rate? – Ann

“Dear Steve,

All my credit cards have been closed (three) I have a balance of about 15 thousand that needs to be paid. I have made no payments. I was paying one. (With more than the minimum but that company got bought by another and they decided to drop me)

The percentage rates on the cards are all 27-29% how do I get them to lower the rates so I can pay them off?


Dear Ann,

Simple! As long as yo can afford the minimum payment of $300 a month, you can beat the creditors at their own game by joining a debt management program. Depending on who your creditors are, you can get your rates really reduced and then after a couple of payments, bail from the debt management program to save the monthly fee and make the payments to your creditors yourself.


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.


  • Does that really work? Go thru the process of getting set up on DMP and then dump the DMP and do it on your own. Dont most DMP have a contract? I know when you are in DMP your credit score goes down, does it go back up after you dump the DMP and do it on your own? We have explored DMP and can afford their monthly payments (Actually less than we spend now and pd off in 5 yrs) this the way to go?

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