Credit card interest rates now average 20.55% — the highest since Bankrate started tracking them in 1985, he said.The Federal Reserve is expected to continue to raise interest rates, which would make interest on those debts even more expensive.
However, you will need good to excellent credit to qualify.When it comes to paying down credit card debt, two plans are typically popular — the snowball or avalanche methods, noted Patel. The snowball method consists of paying the smallest debts first, while the avalanche approach calls for prioritizing the highest interest rate balances. Alap said he advises his clients to pick the method likely to be the most successful for them.
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