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If you’re trying to pay off your credit card debt, you’re likely aware that this type of debt has gotten a lot more expensive over the last couple of years. One issue is that interest rates have been climbing with the average credit card rate now hovering near 23%. Inflation has also had a big impact on how far your paycheck will stretch, so as the economic pressures mount, you may be struggling to keep up with the cost of your high-rate card debt.
At its core, credit card debt is expensive because of compound interest —…
