The Federal Reserve on Wednesday raised its key interest rate for the 10th time since mid-March of last year. Each time the Fed raises the rate, the lending rates that banks charge their customers tend to follow. That means consumer debt — especially variable-rate credit card debt — will get more expensive. “The average credit card rate is now at a record high above 20%,” said Greg McBride, chief financial analyst for Bankrate.com. More specifically, it was at 20.23% as of April 26.
“Turbocharge your debt repayment efforts with a 0% balance transfer offer, some lasting as long as 21 months,” said McBride. “This insulates you from further rate hikes and gives you a runway to get the debt paid off once and for all.” 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.
हमने इस समाचार को संक्षेप में प्रस्तुत किया है ताकि आप इसे तुरंत पढ़ सकें। यदि आप समाचार में रुचि रखते हैं, तो आप पूरा पाठ यहां पढ़ सकते हैं। और पढो:
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