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What to consider when paying off credit card debt

The current interest rate on credit card debt is roughly 21.5%, the highest it’s been since the Federal Reserve began tracking rates in 1994. 

For those facing increased credit card debt, it’s important to consider factors like asking for a rate cut and paying off higher interest debt first. 

At the end of 2023, Americans held $1.13 trillion on their credit cards, and aggregate household debt balances increased by $212 billion, a 1.2% rise, according to the New York Federal Reserve.

Full Story: The Associated Press

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