Credit card interest rates are rising, so it makes sense to pay down your balance.
PHNjcmlwdCB0eXBlPSJ0ZXh0L2phdmFzY3JpcHQiIHNyYz1odHRwczovL3N0YXRpYy5teWZpbmFuY2UuY29tL3dpZGdldC9teUZpbmFuY2Vfdmlld3BvcnRfZGV0ZWN0aW9uLmpzPjwvc2NyaXB0PjxzY3JpcHQgYXN5bmMgdHlwZT0idGV4dC9qYXZhc2NyaXB0Ij5teWZpV2F0Y2hXaWRnZXQoJ215ZmlXaWRnZXRfMjUnKTtteWZpV2F0Y2hXaWRnZXQoJ215ZmlXaWRnZXRfMjYnKTtteWZpV2F0Y2hXaWRnZXQoJ215ZmlXaWRnZXRfMjUuMScpOzwvc2NyaXB0Pg==Ann C. Logue is fascinated by the intersections of money, culture, and everyday life.
5% APY, you will generate $35 in interest at the end of the year. If you instead put that $1,000 toward a balance with a credit card APR of 20.77%, you’ll save $207.70 in interest over the year. Keep in mind that you will have to pay taxes on the $35 in interest earned, but you won’t pay taxes on the $207.70 in interest saved. Pay off credit card debt: Three strategies to tryThe higher your credit card interest rate, the more important it is to pay off credit card debt.
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