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The Fed cut its benchmark short-term interest rate, the federal funds rate, by a full point in 2024 and the average credit card rate has only dropped from 20.74 percent at the start of 2024 to 20. ...
2. Make more frequent payments. You can reduce the interest you pay on credit card debt by making multiple payments on your balance each month. Taking this step reduces your average daily balance ...
With average credit card interest rates at an all-time high, snagging a lower rate could help reduce the interest you pay and enable you to get out of debt more quickly.
Having multiple credit cards is good for your credit score, so consider keeping your high-interest account open while you look for a new card with lower interest or better credit card rewards ...
The bottom line. Based on a survey of the terms of finance of various card issuers’ credit card plans, the CFPB finds that larger banks tend to charge higher interest rates than smaller banks ...
A high-interest credit card can make it a lot harder to pay off credit card debt, and even if you only carry a balance on your credit cards occasionally, high interest rates can cost you a lot ...