Have you felt increasingly overwhelmed by the growing numbers on your monthly credit card bills? Switching to your debit card and paying the minimum payment may not be enough to quickly eliminate the debt.
People are also reading… If you are among the more than a third of Americans saddled by credit card debt, you may be wondering what this means for you — while also hunting for any tips on digging yourself out of a financial hole. "When the Fed raises rates, most everybody in this country is going to see the interest rate on their credit card increase," LendingTree chief credit analyst Matt Schulz said."And it's not just going to increase for things they buy in the future, it's also going to increase for what they owe currently."
Listen now and subscribe: Apple Podcasts | Google Podcasts | Spotify | Stitcher | RSS Feed | Omny Studio 4. Find out what your interest rate is. McCafferty's advice depends on each situation, an individual's job security, and how much they are spending each month on credit card payments and interest. Most decisions, he said, should come down to the effect on cash flow.