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

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