Credit card debt can be difficult to manage even in the best of times, but increasingly high interest rates are adding to that challenge.
Carrying credit card debt is getting more financially wasteful for consumers as the Federal Reserve jacks up interest rates in a bid to tame soaring inflation. The Fed recently hiked interest rates by 75 basis points, making borrowing more expensive. Credit card issuers are now expected to raise their annual percentage rates (APRs) — the amount of interest card holders pay on their unpaid balances each month.
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