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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 ...
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
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.
But credit card debt can be especially unruly, due to its high interest rates. The average credit card APR was up to 21.59% in February 2024, according to Federal Reserve Economic Data.
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.
The latest Consumer Price Index report (CPI) showed an overall price increase of 0.4% for all items, seasonally adjusted. It's not the biggest jump we've seen, but the CPI, which shows the average...