Credit card interest rates are also at record highs. Some consumers have interest rates on their cards reaching nearly 30 percent. Forbes says the average rate right now is higher than 27 percent. In other words, if you have a $7,500 credit card balance and pay $175 a month on it, it would take more than 11 ½ years to pay it off. That's a whopping $16,319 in interest alone!
Our experiment includes a script we wrote for consumers to read over the phone to their credit card companies in an effort to lower their interest rates.
"What is my current interest rate?"
If a consumer didn't get positive results from our script experiment, we wrote the following for them to ask their banks:
So, can our experiment work?
"With the interest rates, it just becomes unmanageable," Lee said. "When it comes to interest rates, it becomes impossible to get out of it, when you're in a certain amount of debt."
Lee called Capital One first. After a few minutes, he was told there were no options to drop his interest rates at the present time.
Lee called Chase next. They also refused to lower his rate, but did say he could possibly open a new card and score a better rate.
"You can't beat zero percent," he said. "It just makes it more manageable. I can focus on paying down credit card debt, and not thinking that 28 percent whatever the balance is gets caked on each month. I'll take it."
"It feels nice," he said, with a smile. "It actually made my day."
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