/EINPresswire.com/ -- WOODLAND HILLS, CA -- (Marketwired) -- 04/28/16 -- If you're struggling to make any real progress on paying off your mounting credit card debt, you aren't getting any help from Uncle Sam these days.

Credit card interest rates have risen since the Federal Reserve hiked its target rate in December 2015, especially for people with worse credit, Vantage Acceptance announced, citing a recent CardHub study.

In the first quarter of 2016, credit card interest rates for people with "fair credit," the lowest of three categories, averaged 20.97 percent, up 6.72 percent from a year earlier. By contrast, rates for people with "excellent" credit averaged 13.02 percent, up just 0.46 percent, while rates for "good" credit consumers averaged 17.92 percent, up 1.93 percent.

Fed officials in December had predicted they would raise rates four times over the course of 2016, based on their expectation that the U.S. economy would grow by 2.4 percent. But on March 16, they announced there likely would be only two rate increases, citing falling oil prices, stock market uncertainty and recessionary fears that had prompted them to scale back their growth projection to 2.2 percent.

Still, those two rate hikes later this year will drive up credit card rates even further, which will make paying off your credit cards that much harder. Vantage Acceptance can help. Our highly trained credit specialists will work with your creditors to accept a debt settlement. In exchange for receiving a lump sum payment, they often will agree to accept considerably less than the full amount you owe.

Why would your creditors be willing to accept less? Because they know that's better than the alternative: You filing bankruptcy and giving them nothing.

Bankruptcy, of course, is a less preferable option for you as well. It causes more damage to your credit record, depending on the type that you file, restricts your cash flow and causes you to lose prized possessions, again, depending on whether you file Chapter 7 or 13.

Call Vantage Acceptance at 800-829-7700 today and let our advisors get you started on debt settlement.

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