Shoppers searching for bargains today may see their savings slip away. Credit card interest rates are at an all time high and time to pay off debt is shrinking.
Eager shoe shoppers at Ward Center waited up to 3 hours to get their kicks.

“What brought you out here to wait in this line for this? 10 dollar shoes.10 dollar shoes.” Said John Blewitt, a shopper from Waipo.

Like most Americans out holiday shopping, credit cards are the preferred payment.

Lani Viernas said she charged “Probably like 400.”

Investment Advisor Martha Khlopin warns charging shoppers about rising interest rates.

Khlopin said, “800 is the amount most people are spending. It can make a difference if you're using an interest rate of say 30 percent versus one of between 9 and 18 percent.”

Some credit card companies have moved to states that don't cap interest and shortened the amount of time you have to pay.

“It's very important to do if you're a 21, 30 or 24 day cycle. Especially in Hawaii, we need to allow at least 7-10 days for payments to be processed,” said Khlopin.

Otherwise, you're subject to a 29 dollar late fee. Currently, 90 million of 140 million credit card holder pay late fees each month.

To beat the holiday spending blues, use cards with the lowest interest rates. Review fine print for credit terms and make sure cards are based in states that cap interest. And, consider switching companies for better deals.

“I did some shopping around locally and you'd be surprised. You can actually find some cards locally that charge less than what Mainland cards charge. As low as 9 percent,” said Khlopin. “It makes sense to shop to do some shopping for lower interest rates as well as some bargains on gift giving.”