SPENT AND SCARED IN SHREVEPORT:  If only there were a GLP-1 to curb overspending!  As of August 2025, the Federal Reserve reported that the average credit card interest rate on accounts with balances incurring interest was 22.83%. The most recent figure I was able to find online shows that in 2022, the average credit card balance for adults age 30 – 40 was $6,930.00. Using the payoff calculator at financialmentor.com, it would take 139 months (just shy of 12 years) and $4,187.66 in interest to pay off that $6,930 at a minimum payment amount of 5%.

The hard love, tell-it-like-it-is side of me encourages you to seek a consolidation loan to pay off all of your balances and cancel all of your credit cards, which might be a requirement of receiving the consolidation loan.  Even with a good credit score rating, you’ll likely pay an interest rate of 14.48%. If you are a member of a credit union, you may be able to get a rate closer to the 10 – 11% range.  While those numbers are still difficult to swallow, they are far more palatable than what credit cards offer. You’ll also need to avoid the buy now pay later traps like Klarna, Afterpay, and Affirm while you are paying off your loan.

If cancelling your credit cards is something you just can’t see yourself doing, contact your credit card companies and request that they reduce your credit limit and freeze your account until you can get the balances paid off. While, I don’t recommend it, you can also look at transferring the balances to a new credit card with a 0% interest for transfer balances. Find someone you trust to meet with you weekly or monthly to discuss how you are progressing with paying down the debt so you don’t let your credit card balances creep back up. I also encourage you to take a course that will teach you how to develop a budget, manage your money, and build up an emergency fund.  There are lots of options available for in-person or online courses.