Prices are rising due to inflation, and chances are that you’ve felt the pinch at the pump, the grocery store and just about anywhere else you spend money.
At the same time, interest rates are high. The federal funds rate which is the interest rate consumer lending and deposit rates are based on is currently paused at a 23-year high. So, not only are the cost of goods up but so is the cost of borrowing. That’s why, if you’re carrying a balance, you may have noticed higher credit card minimum payments lately.
In turn, your credit card debt may be a burden right now. After all, higher minimum monthly payments can be…
Read the full article at: https://www.cbsnews.com/news/why-now-is-a-critical-time-to-pay-off-credit-card-debt/