With several rate hikes on the horizon, credit card rates could be as high as 18.5% by the end of the year, another all-time record, Rossman said.
If the APR on your credit card rises to 18.5% from 16.38% in 2022, it will cost you another $885 in interest charges over the lifetime of the loan, assuming you made minimum payments on a $5,525 balance, he calculated. "People really need to focus on knocking down that credit card debt as soon as possible, because it's only going to get more expensive and it's going to get a good bit more expensive in a hurry," said Matt Schulz, chief credit analyst for LendingTree.
If you're carrying a balance, try calling your card issuer to ask for a lower rate, consolidate and pay off high-interest credit cards with a lower interest
NO SHIT ? And democrats want to raise our taxes 🤷♂️🤦♂️
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