Posted 1/2/2024, 10:11:57 AM
Credit Card Debt Weighs on Americans, Especially Women, as Rates and Balances Hit 1990s Highs
- Only half of credit card holders are confident they can pay off their December balance, according to a LendingTree index, a new low
- The average credit card interest rate has reached 21%, the highest since the 1990s
- Credit card debt is rising faster than other types of household debt
- Women are much less confident than men about paying off balances, with only 40% expressing confidence vs 64% of men
- Tips to reduce debt include balance transfers to 0% APR cards, negotiating with issuers, and using auto-pay to avoid interest charges