What to do with your credit card debt now that the Fed raised rates again | CNN Business

The Federal Reserve on Wednesday raised its key interest rate for the ninth time since last March. Each time the Fed raises the rate, lending rates that banks charge their customers tend to follow. That means consumer debt — especially variable-rate credit card debt — will get more expensive. “[T]he average credit card rate is now at a record high above 20%,” said Greg McBride, chief financial analyst for Bankrate.com. That’s well above the 16.3% average at the start of 2022.

“Turbocharge your debt repayment efforts with a 0% balance transfer offer, some lasting as long as 21 months. This insulates you from further rate hikes and gives you a runway to get the debt paid off once and for all,” McBride said. But first find out what, if any, fees you will have to pay , and what the penalties will be for late or missed payments during the zero-rate period.

One of the the greatest pieces of advice my father gave me was to 'live within your means'. It has served me well.

You mean you had no problem paying 21% interest, but 22% interest will break the camel’s back?

This economy is so much better now that we got rid of Trump. Would hate to see how much worse he could if he gets re-elected.

Do whatever you want. We can't change the fact of raising interest rates, we can only be ourselves.

Don't use credit cards, if you can't pay them off entirely each month. They are a financial pit, if used wrong.

Pay your debt or don’t use it if you can’t pay!

Rates increase, debt grows, Time to set a budget, Start with small steps. ReplyWithPoetry poetry

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

What the banking crisis means for mortgage rates | CNN BusinessMortgage rates have taken would-be buyers on a ride this year — and it's only March. Good Life truly was better under Trump THANKS BIDEN
Source: CNN - 🏆 4. / 95 Read more »

GM to stop making Chevy Camaro, leaving muscle car's future uncertain | CNN BusinessGeneral Motors announced Wednesday that it's ending production of the latest generation of the Chevrolet Camaro, leaving the Ford Mustang as the last gasoline-powered American performance coupe. 😨😨😭😭😭😭 They should come out with a hybrid turbo They're called muscle cars because you have to work until your muscles ache in order to afford the gas they use
Source: CNN - 🏆 4. / 95 Read more »

Unions at Disney World win 37% pay hikes in tentative labor deal | CNN BusinessAbout 32,000 hourly workers at Disney World will get raises equal to $3 an hour by the end of the year, and most will get raises of about 37% of their current pay by 2026 under a tentative five-year labor deal reached with a group of unions on the property Thursday. That’s not enough to work there. Great now tickets will be $150 to get in the gate. Either way my family is not going back. Cost almost $1,000 a day all in to go there for a family of 5 Well park admission just tripled.
Source: cnni - 🏆 326. / 59 Read more »

TikTok CEO in the hot seat: 5 takeaways from his first appearance before Congress | CNN BusinessTikTok CEO Shou Chew was grilled by lawmakers who expressed deep skepticism about his company’s attempts to protect US user data and ease concerns about its ties to China. Here are the biggest takeaways from Thursday’s hearing. short form content should be removed as a whole Still waiting on the gas prices and inflation grilling. Bunch of 🤡🤡 Some miners go for BTC, these miners go for data, and it’s not a secret. 🤷‍♂️
Source: CNN - 🏆 4. / 95 Read more »