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PSA: Beware Credit Card Debt (Patreon)

Published:
2022-09-25 17:45:37
Imported:
2023-01

Content

The average variable credit card rate is now 18.16%, the highest in 27 years, according Bankrate.com, and will likely go higher.

In the next few months, there’s a very good chance that the average rate will surpass the all-time record of 19% from July 1991. 

Recent hikes means that most credit cardholders will soon face rates that are three full percentage points higher than they were at the start of the year. 

If you are carrying a lot of Credit Card Debt - try unload. 

PLAN OF ACTION

  • keep your credit score high
  • then seek out low rate cards 
  • transfer balances
  • negotiate with a friendly bank or credit union


Comments

Anonymous

Borrowing or leveraging to invest is not advisable. I believe that is the message that has been put out there by responsible commentators. That is why I am here...a responsible and knowledgable commentator.

Anonymous

For what it's worth, on difficult days I always think of others around the world who are in much worse situations. Dealing with my investments account balances being down then seems much less significant.