Carrying a balance has always been costly, but it’s particularly expensive now.
The average credit card interest rate in mid-December was 19.42%, the highest rate since 1992. As the Federal Reserve Board continues to raise short-term interest rates to throttle inflation, average rates could rise even higher, says Ted Rossman, credit card analyst for Bankrate.com, which tracks interest rates for consumer loans.
Once the introductory period ends, the interest rate will rise to the card’s regular rate, which could be even higher than the rate you were paying before the balance transfer. Ideally, you should try to pay off most or all of your balance before that happens. Divide the amount you owe by the number of months in the balance-transfer period to get an idea of how much you should try to pay down each month.
Personal Finance 5 Ways to Position Your Pocketbook for an Uncertain 2023 Between inflation driving up the cost of living and interest rates rising in response, 2022 was an expensive year. Talk of a recession continues, so 2023 may come with its own money challenges. And consumers are worried: NerdWallet’s annual household debt study found that nearly 7 in 10 Americans have financial concerns about the...
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