Many Americans are struggling with credit card debt and high interest rates are making it worse.
About half of all Americans with a credit card say they can’t afford to pay it off in full each month, according to a new survey from The Century Foundation, a progressive think tank. Researchers say rising rates are pushing balances higher and costing consumers more over time.
But consumer experts say some solutions are simpler and more accessible than people may realize.
You may be able to lower your interest rate
Thomas Nitzsche with the credit counseling nonprofit Money Management International says one often-overlooked step is calling a credit card company directly.
About three-quarters of people who ask for a lower interest rate get…