Over the last couple of years, issues with persistent inflation have sparked an increase in the price of many necessities like gas, food and housing. In turn, many households are struggling to pay for these essentials and are using credit cards to fill in the gaps. In fact, one in five credit card accounts are now maxed out.
While using a credit card can help you cover basic household expenses, this type of borrowing typically comes with high rates. For example, the average credit card rate is currently 22.63% (as of July 9, 2024) but depending on your credit and borrower profile, your card rates could be much higher.
As a result, paying …
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