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Everything is going up thanks to inflation and if you have credit card debt, that is also about to get a little more expensive. Interest rates will rise, which means that your monthly payments could go up drastically as the annual percentage rates go up.
Rebecca Jarvis, ABC News Chief Business Correspondent, helps break down what you can expect when it comes to credit card debt. The Fed has raised interest rates to help control inflation but if a you carry a credit card balance each month, you'll be paying more as the credit card APRs go up. Jarvis says to stop taking on new credit card debt, come up with a budget plan, and use any disposable income to help pay down the debt.
Don't just meet the minimum payments each month, try to make larger monthly payments. If you are thinking of doing a balance transfer to get the zero-percent APR on a new card, make sure it'll benefit you in the long run because some cards can charge a 3% fee. The zero-interest APR also will last for a certain amount of time so make sure you make payments to pay it off before the deadline. Click here for more