Most credit card interest rates are tied to the Fed rate so every time the Fed raises the Fed Funds Rate the interest rates on your credit card are likely to go up. This means even with no new charges your monthly minimum payment will go up. The changes typically take 1 to 2 billing cycles.
It is more important than ever to figure out how to eliminate your credit card debt. The first step is to make a budget and see where you can cut anything to increase your credit card payments and stop adding to your debt. Our website, blogs and books talk about how to build a budget and are filled with stories and examples of how people have made changes that t allow them to start on a path to becoming debt free. Learn how even small changes like buying in bulk or frozen pizza instead of delivery pizza can make a difference
Check out our books on financial independence at https://parentsfin.wixsite.com/website/books or our books Raising Financially Independent Children, Financially Independent Teens, Financial Essentials for Couples, Financial Essentials for Women by Women, and Financial Independence Essentials on Amazon
Our website has additional information that you may find useful.
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