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With the cost of living and inflation elevated, many people use credit cards to cover basic needs. But carrying a balance comes at a price.
According to the Federal Reserve, credit card interest rates average nearly 23% right now. If you have $10,000 in outstanding credit card debt with a 23% interest rate, you’ll face almost $191 in interest for this statement cycle. Unless you pay off a large chunk of that balance, that interest grows, and next month, you’ll get charged interest on the new, larger amount.
Paying off…
