Never Pay More Than 5% Interest on Your Credit Card Debt

When it comes to paying off debt, focusing on ridding yourself of the highest interest balance first. This is often called the Debt Avalanche Method and will save you the most money in the long run. Most credit cards have interest rates of 20%, so carrying even a small balance can be extremely expensive. The crusade against consumer debt is always at the forefront of personal finance advice, because of these high-interest rates. But what if you could lower your interest rate to something that doesn’t make you feel like your face is on fire every time you open your credit card bill? You have no reason to be paying double-digit interest rates on your debt The truth is, you don’t have to (and shouldn’t) be carrying a balance at 20%. Heck, if you have good credit, even 10% is too high. Why? Because if you have a high credit score, […]

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