If you're making these card rate mistakes, you're probably paying too much for your credit card debt.
Credit card debt in America recently reached historic highs, with cardholders now carrying about $1.17 trillion in credit card debt — which equates to the average card user owing nearly $8,000. While sticky inflation and rising costs have forced many to rely on credit cards for essential purchases, helping to push up the total amount owed, the real financial burden of high credit card debt often comes not from the spending itself, but from the high interest rates that accompany these balances.
Allowing interest to accrue on revolving balancesCarrying a balance on your credit card month after month can become a costly cycle. When you carry a balance, the interest charges compound daily, causing your debt to grow exponentially. As a result, a significant portion of your monthly payment goes toward interest rather than reducing the principal. This makes it harder to pay off your debt and can trap you in a cycle of revolving credit.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Liverpool's Interest In Inter Milan Star 'Is Real' Ahead Of January Transfer WindowThe Reds have been linked with a host of players as Arne Slot looks to strengthen his squad
Read more »
Five Potential Gerardo 'Tata' Martino Replacements at Inter MiamiXavi Hernandez, Javier Mascherano and Marcelo Gallardo headline a list of possible replacements for Martino in south Florida.
Read more »
Former Inter Miami and Atlanta United Striker to Hit Free Agency, per ReportFormer Inter Miami and Atlanta United striker Josef Martínez departs CF Montréal after just one season at the Canadian club.
Read more »
Gerardo 'Tata' Martino's Best Wins as Inter Miami Manager: RankedFormer Inter Miami manager Gerardo 'Tata' Martino helped put the Herons on the map during his time in charge at the club.
Read more »
Inter Miami to Name Javier Mascherano as Head Coach, per ReportThe Argentina U20 manager will sign a long-term contract succeeding Gerardo 'Tata' Martino after crashing out of the MLS Cup playoffs.
Read more »
Lionel Messi's former teammate Javier Mascherano close to becoming Inter Miami coach, AP source saysLionel Messi is on the cusp of reuniting with former Argentina national teammate Javier Mascherano with Inter Miami, this time as player and coach, a person with knowledge of the negotiations told The Associated Press.
Read more »