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Compounding interest on credit card balances can quickly snowball for cardholders, which is why it’s imperative to pay your balance in full each month to avoid costly interest charges. Tackling credit card interest before it gets out of hand can be especially difficult in this high-interest rate environment.
According to the most recent Federal Reserve data, cardholders now pay an average interest rate of 22.76%, up from 16.28% in 2020. Many credit cards now charge interest rates of around 30%. These higher interest…
