Rising interest rates coupled with high inflation — are forcing more Americans to reach for the plastic when it comes to paying for things, but it all comes with a warning.
When interest rates increase, historically so do credit card rates, meaning it is more expensive to use them and will cost more to pay back any debts.“That is at a historic high as well, so a lot of you know consumers. Basically half of those, I should say, that carry credit card debt are month to month,” Central-Indiana based financial expert Roy Lederman said.
“Find ways that you can actually save and apply more money towards that debt. So you know, eventually you'll get out of debt faster,” Lederman said.
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