Credit card debt is surging.
Balances in the U.S. rose to $1.14 trillion in the second quarter in 2024, according to the Federal Reserve Bank of New York’s Center for Microeconomic Data .
If you’re among those with credit card debt and you’re ready to lower it or pay it off, we have a five-step guide to give you some options.
1. Find a payment strategy or two
Consider these methods to help you pay off your credit card debt faster. Having a concrete repayment goal and strategy will help keep you — and your credit card debt — in check.
Pay more than minimums
Credit card issuers give you a monthly minimum payment, often 2% of the balance. Remember, though: Banks make money off the interest they charge each billing period, so the…
