If you have visited the grocery store or filled up your gas tank recently, you saw the effect that inflation has on prices. But did you know that the APR you pay on your credit cards has also skyrocketed and there is no end in sight?
The average credit card interest rate in the country is up from 17.25% in July to 22.21% today. In laymen’s terms, this means that you are paying more interest on carried balances. Since inflation isn’t going away anytime soon, the best solution is to pay off your debt immediately. But that is easier said than done. So, let’s explore your options.