New data shows not only are credit card interest rates the highest they've ever been currently sitting at almost 19.5%, but consumer balances are higher than usual, too.

"And this is also coming at a time when inflation is high," Ted Rossman, Senior Industry Analyst of and said, "Obviously credit card balances are high."

Especially during a time like this, experts say it's important to ask yourself how quickly can you pay down your debt with the lowest interest rates possible?

Rossman and Chris Mediate with Mediate Financials in Canfield said there are options out there. 

First, you can open a zero-percent balance transfer card. If you have decent credit, you can find a credit card that offers zero interest and then transfer your debt.

The only drawback is you have 21 months to pay it off and you will pay a small fee, but this could be extremely beneficial to those with a smaller amount of debt.

"That can be a huge savings when you think about all of the interest that would otherwise accumulate," Rossman said.

Mediate said, "I always say, zero percent interest balance transfer is probably for someone with good credit the best way to go about doing it, plain and simple."

If you don't think you can pay your debt back in less than two years, you may consider debt consolidation by taking out a personal loan. This could give you about five to seven years to pay your debt back at a lower rate, but consolidation can negatively impact your credit score.

Although, it could be worth it in some situations along with the simplicity of one monthly payment.

"Sometimes the consolidation loan does make sense for someone to say 'Look, yes it might affect my credit maybe not as good as another way, but guess what it's doing its at least allowing me to rebuild and get myself a fresh start,'" Mediate said. 

If you have extremely poor credit and over $5,000 dollars worth of credit card debt, experts said when you'll instead want to consider calling a non-profit credit counseling organization.