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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 ...
While credit card interest rates have fallen recently, rates are still relatively high, with the average rate at 20.13 percent as of February 2025. ... Stop using credit cards for purchases.
For example, if you transfer $6,000 in credit card debt to a card offering 0% intro APR for 18 months, you could pay off the full amount by making $333 monthly payments with no added interest charges.
Many credit cards charge interest rates of 20% or higher. Check out the best strategies to follow and never pay interest on your credit card.
With credit card rates averaging at 23%, avoiding interest is key to staying out of debt. Check out the four best strategies to avoid interest forever.
This won't take your credit card interest to zero, but getting a lower APR can help you save money on interest -- and pay off credit card debt faster. 3. Pay off higher-interest cards first
The average credit card interest rate is over 20%, so interest charges alone will take up a large chunk of your payments. On $10,000 in balances, you could end up paying over $2,000 per year in ...
Look for loan options with low interest rates before automatically choosing to put emergency expenses on a credit card. More From GOBankingRates The 6 Best Beach Cities To Retire on $2,600 a Month
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