With a staggering 21% increase over four years, U.S. households' credit card debt has soared to $1.13 trillion, exacerbated by rising inflation and interest rates. The average household carries $6,501 in credit card debt, with APRs often exceeding 20%. To combat this, consumers are advised to negotiate for lower interest rates or consider balance transfer credit cards with low to zero introductory APRs. By reducing interest rates, individuals can save significant amounts in interest payments and expedite debt clearance. However, this requires discipline in managing expenses and ensuring that balances are paid off before promotional periods end.
Read the full article here.