Posted 2/5/2024, 1:00:00 PM
Credit Card Debt Soars to New Highs As Inflation Drives Costs Up
- Credit card debt expected to hit new record high in Q4 2022, reversing pandemic paydowns
- Inflation and high prices driving more reliance on credit cards to pay bills
- Average credit card APR recently hit new 30+ year high of 20.74%
- With high rates, $5K balance could take 279 months and $8K interest to pay off
- Tips to tackle credit card debt include asking for lower APR, 0% balance transfers, budgeting, high yield savings, improving credit score
