Moved it to a lower rateCredit cards$19,800 loan
Two Cards at 29.99%, One Credit Union Loan at 13.49%: How She's Paying It Down
After her card companies refused to lower rates of 29.99%, she and her husband took a $19,800 credit union consolidation loan at 13.49% for five years. She walks through the numbers and how paying early and extra is cutting the interest.
Video by Maggie NgerePublished April 20, 2026Breakdown updated September 15, 2026
Key moments
“How I Escaped $64,000 in Credit Card Debt” by Maggie Ngere. We didn't make this video; it loads from YouTube when you press play.
Where they started
She had two nearly maxed-out credit cards, with balances of about $9,640 and $10,290 at 29.99% interest, and was paying more than $650 a month in minimums that barely moved the balances. Her household was living on one income, and her statement warned that minimum payments alone would take 25 years. Part of the debt came from a roof repair on a rental property that went on a card.
What they did
- 1
She called both card companies several times, on different days and at different hours, and asked for supervisors; each said no to a lower rate and pointed her to its hardship department.
- 2
At a credit union event at her local library, she learned the credit union wasn't limited to military members, and a supervisor invited her to apply.
- 3
She opened a savings account with $25 to become a member, brought pay stubs and her latest card statements, and she and her husband were approved for $19,800 at 13.49% over five years, the most the credit union would offer.
- 4
Because it was a consolidation loan, the credit union paid the card balances directly, so the money never passed through her account.
- 5
She set the loan payment on autopay, then started adding extra toward principal and paying before the due date, which she found lowered the interest portion on her statements.
- 6
By April 2026 she says they had paid almost $13,500 in under two years, and she aims to finish early without running the cards back up.
What you can learn from it
Asking for a lower rate may not work
She called repeatedly and was turned down each time, then referred to a hardship department. The CFPB still suggests contacting the card company right away when payments become hard to make.
A lower rate isn't the whole cost
Her rate fell by more than half, but the loan was still scheduled to charge $7,678 in interest over five years. The CFPB warns that a lower payment spread over a longer time can mean paying more overall.
Membership and credit come first
She had to join the credit union before borrowing, and she couldn't get more than $19,800. The CFPB notes that if debt problems have hurt a credit score, low consolidation loan rates may be out of reach.
Zero balances are a temptation
The loan cleared the cards, but they stayed open. She decided not to use them again; the CFPB says consolidation probably won't help unless spending drops or income rises.
Check for fees before signing
Her video doesn't mention loan fees, but many consolidation loans have them. MyCreditUnion.gov says upfront costs such as origination fees are common and suggests researching fees and terms first.
In their words
“With the credit cards, you just keep paying and paying and paying.”
“I wasn't looking for the money so that I can use it.”
Before you copy this path
Her approval, rate and loan amount reflect her own credit, income and one credit union's rules, and other borrowers may see higher rates, fees or smaller loans. She was still repaying the loan when she recorded this.
Watch out: A longer term can cost more overall, and cleared cards are easy to run up again.
Check if a loan saves you moneyCommon questions
Is a credit union loan a good way to consolidate credit card debt?
It can lower the interest rate, but it has catches. The CFPB says a lower payment over a longer time can cost more overall, and consolidation probably won't help if spending still outpaces income.
Source: consumerfinance.govDo debt consolidation loans have fees?
Often, yes. MyCreditUnion.gov says consolidation loans often come with upfront costs, such as origination fees, and suggests researching the fees and terms before agreeing to a loan.
Source: mycreditunion.govDo I have to be a member to get a credit union loan?
Credit unions lend to their members, and members share a common bond. MyCreditUnion.gov says you may be able to join based on your employer, family, location or membership in a group.
Source: mycreditunion.govSources
By DebtCheckUSAEditorial Team. This is our summary of a video we didn't make, and nobody paid us to include it. It's one person's experience, not financial, tax or legal advice. Advertiser disclosure
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