Have high credit card balances? Here's how to pay them off more affordably.
Thanks to high inflation and the rising costs of many goods and services, credit card usage has jumped recently. And while cards can make it easier to stay afloat during challenging financial times, they're also expensive.In fact, according to the Federal Reserve, the average rate on credit cards is now over 21% — a number that can make even minimum payments out of reach for many.Fortunately, there are low-cost ways to pay off those cards and get your debt under control.
While it might sound strange to pay off one credit card with another, when done right, it can save you significantly on interest.For example, if you can get a credit card with a 0% interest rate for a year, you can use it to pay off your existing credit card balances and then make interest-free payments for the next 12 months. This allows your money to go further and can help you pay off your debts more efficiently and affordably.
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