7 Ways to Manage Credit Card Debt When Interest Rates Rise
After decades of low interest rates, the Federal Reserve hiked its key bank rate multiple times in 2022. The Fed's actions were intended to slow US economic activity and tamp down rising rates of inflation. Consumers who used their credit cards to cope with higher prices now face the additional financial pinch of higher rates for their card debt. According to the Fed's data, the average annual percentage rate (APR) for US card accounts that were charged interest rose to 18% in the... read more »