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.

Yikes.

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 loans with interest rates starting at 4.99%*. 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 options in less than two minutes.

*Rates accurate as of 5/2/19.