How to pay credit card debt, avoid high interest rates – What We Know!

CHICAGO (WLS) — After document pandemic spending lows in 2020, U.S. customers have began to return to dangerous habits in relation to bank card debt.

Shoppers added a complete of $87.3 billion in new bank card debt throughout 2021, in line with a latest survey by monetary specialists at WalletHub.

Listed below are the skilled tricks to sort out accumulating bank card debt in 2022:

  • Switch your present debt to a 0% steadiness switch bank card to avoid wasting on finance prices and get out of debt sooner.
  • Repay your most “costly” or high-interest debt first. Begin with paying probably the most in the direction of your debt with the very best rate of interest and simply paying the minimal on the remainder. As soon as your costliest debt is paid off, repeat the method till you’re debt-free.
  • Create an “emergency money fund.” Begin by saving as little as $20 per week to construct a financial savings so you possibly can keep away from racking up bank card debt.
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