Credit card debt can be easy to accumulate. And, once you have enough of it, that debt can be quite uncomfortable. After all, credit cards tend to come with high interest rates, and those rates have been climbing in recent months.
“There are many factors that contribute to today’s higher credit card interest rates,” Brian Martin, wealth manager at Merit Financial Advisors, says. “We know that the Federal Reserve has been steadily raising the short-term fed funds rate over the last two years to slow the economy and get inflation under control,” and as a result, “interest rates as a whole have risen across the board.”
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