Revolving credit, which includes credit cards, surged by 21.4% in March, according to the Federal Reserve. But at the same time that credit card debts are growing, rising interest rates have made carrying a balance more expensive.
After two years of pandemic-related restrictions, I understand the urge to spend more on experiences and make up for lost time. I pay my credit card in full every month and have never carried a balance. However, I know that's not the case for many millennials. If you're carrying credit card debt, consider these strategies to eliminate or reduce what you owe-before it's too late.
Take stock of your debt. If you have balances on multiple credit cards, make a list that shows how much you owe on each card, the interest rate, and the minimum monthly payment for each. A spreadsheet provides a handy way to update your progress, but pen and paper work just as well.
Esta historia es de la edición August 2022 de Kiplinger's Personal Finance.
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Esta historia es de la edición August 2022 de Kiplinger's Personal Finance.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
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