More consumers are using credit cards for purchases under $10, though cash is still king
The average interest rate on credit cards is close to 18%, although consumers with poor credit might pay more in the neighborhood of 25%, Rossman said.
"The most important thing is to pay the balance in full before interest accrues," Rossman said. "If you can do that, then by all means go for the rewards. If credit card debt is weighing you down, it's worth exploring lower-interest options. Depending on your credit score, you might qualify for a card that comes with a zero-percent balance transfer offer. In that scenario, you would pay a balance transfer fee — 3% or so — but pay no interest on the amount transferred for a set amount of time.
And, of course, cutting expenses or earning extra income are ways to try coming up with extra cash to throw toward the balance.
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