The average credit card rate has reached its highest level in decades, hitting 17.96% on Wednesday, according a recent survey from Bankrate.com.
To avoid paying more on your credit card balance, Ted Rossman, a senior industry analyst at Bankrate.com, suggests the best practice is to"pay way more than the minimum" each month.
"Rate hikes generally affect new and existing balances, so most credit cardholders are currently facing rates that are 225 basis points higher than they were just six months ago," Rossman said, adding that there's a "significant cumulative effect to these rate hikes."
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