This 3-Minute Move Could Reduce Your Credit Card Interest by 69%

detail of a man's hand holding credit cards
Carmen Mandato/The Penny Hoarder.
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Credit card debt can snowball quickly.

Once you fall behind, you may find yourself getting crushed by high interest rates. You can easily end up trapped — spending so much on interest that you’ll never be able to pay off your balances.

It happens to a lot of us. The average credit card balance in the United States is $6,354, according to Experian. And the average APR on a credit card carrying a balance is 16%, according to the Federal Reserve.


If you fall into this category, it might be worth consolidating and refinancing your debt through an online marketplace like Credible.

When you refinance existing debt, you take out a totally new loan, with new terms and ideally a lower interest rate. Consolidating lumps all your debt into one big payment (with one interest rate) per month.

Credible offers personalized prequalified rates for loans with interest rates starting at 4.60% fixed APR (with autopay) See Terms.* That’s 69% lower than the average credit card APR.

It’s best for borrowers who have good credit scores (think: around 640 or higher), and it lets you quickly compare rates without visiting a bunch of sites.

You can check your rate by entering a loan amount here (up to $100,000) and comparing your personalized prequalified rates in less than two minutes.

*Read rates and terms at

Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.