Add burdensome credit card debt to the list of woes the pandemic has made worse for older Americans. New surveys confirm what your letters have already told me: Many of you are struggling to make monthly payments while balances grow. And even those of you who aren’t struggling are carrying more of this debt, and paying more interest, than you were before.
So, burn debt we must. If you’re carrying $5,000 at current rates of just over 16 percent, you’re paying about $67 a month in interest. That drain on your money gets in the way of everything else you want to do, including sleep soundly.
I’ll assume you’ve already dug deep for cash to pay down the balance held a yard sale, taken on a side gig, sold a car, or used …
Read the full article at: https://www.aarp.org/money/credit-loans-debt/info-2021/how-to-free-yourself-from-credit-card-debt.html