Credit cards have never been a cheap way to finance purchases, but thanks to the Federal Reserve’s recent moves, today’s consumers are seeing the highest rates in decades.
The Fed started increasing rates back in March 2022, and since then, the average rate on credit cards has climbed from 14% to over 21%. Rates of this caliber can make it even harder to pay off credit debt, particularly as rates continue to rise (and interest compounds month after month).
“Debt can feel overwhelming,” says Michael Liersch, head of advice and planning for Wells Fargo. “What not to do when you’re trying to get out of credit ard de…
Read the full article at: https://www.cbsnews.com/news/smart-ways-to-get-out-of-credit-card-debt-according-to-experts/