How to consolidate $20,000 in credit card debt

MoneyWatch: Managing Your Money How to consolidate $20,000 in credit card debt We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Angelica Leicht Angelica Leicht Senior Editor, Managing Your Money Angelica Leicht is the senior editor for the Managing Your Money section for CBSNews.com, where she writes and edits articles on a range of personal finance topics. Angelica previously held editing roles at The Simple Dollar, Interest, HousingWire and other financial publications. Read Full Bio Angelica Leicht April 22, 2026 / 11:30 AM EDT / CBS News Add CBS News on Google Carrying $20,000 in credit card debt is not ideal, but it's a manageable problem with the right consolidation tool. Peter Dazeley/Getty Images Credit card balances have become one of the most persistent financial pressures borrowers face in today's economic landscape. Not only is credit card debt rising rapidly nationwide, but average credit card interest rates are still hovering near record highs at over 21% right now. And, as the interest compounds at those rates, even a manageable revolving balance can quickly balloon into something far harder to control. Take, for example, borrowers who are carrying about $20,000 in credit card debt. On that amount, the monthly interest charges alone can rival a car payment.At the same time, last year's Federal Reserve rate cuts have yet to translate into meaningful relief for credit card users. While rates on other borrowing products, like personal loans and mortgages, have dipped, credit card APRs have remained high, despite rates being variable on most cards. Part of the issue is that credit card issuers tend to move slowly when reducing rates compared to increasing them, leaving many borrowers stuck paying near-record APRs despite broader economic shifts. That disconnect has pushe...