Inflation as people leaning on their plastic to pay bills and that can really spiral into long-term financial problems. Tiffany Craig with the high cost of credit card debt. $20,000 that's how much credit card debt Jamie Feldman was carrying around last summer. She talks about it on social media. I have a lot of debt. It's partially because I was irresponsible with my money and partially because I was never taught how to manage my money. I just sort of thought of it as this thing that was eventually going to go away if I.
Ignored it enough, maybe it would just disappear one day. A new Bank rate survey finds 46% of credit card holders carry debt. That's up from 39% last year. Credit card rates are near their highest point ever bank rates. Ted Rossman says the average interest rate is near a record of almost 19.6% tax on the average credit card debt of $5500. Then you only make minimum payments. You're going to be in debt for about 17 years. One suggestion from Rossman is to transfer the debt to a new card with a 0% one year introductory interest rate. So essentially the new card pays off the old cards, and then you pay the new card back at a much lower rate. That's exactly what Jamie did. She also created a budget, increased her payments, and shared it on TikTok to help others. On this side are my categories. On this side is how much I allocate each month.
Jamie says she's learned financial boundaries and is hoping to pay off. All her debt in a year. And here's one more tip from Bankrate that might motivate you. Look up what interest rates are on your current cards. If you carry a balance from month to month, that's extra money you have to pay a bank. And who wants to do that if they can avoid it? Ron Rico.
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