bernard
THEE Realist
It's always good to pay off your credit card debt, but now may be a better time than ever to do so.
Americans' debt levels have been growing and interest rates are rising — a combination that could put consumers in a bind if they carry a balance on their cards.
The Federal Reserve said earlier this month that overall consumer borrowing in the U.S. jumped 8.8 percent in November, the most in more than two years, a sign of growing confidence in the economy. The category of debt made up mostly of credit cards jumped $11.2 billion, the most in a year, to $1.02 trillion.
That is the highest level on record, without adjusting for inflation.
Rising debt levels can mean consumers feel better about the economy and are more willing to spend. But some experts say people may be over-extending themselves. And with the Federal Reserve expected to hike a key interest rate further this year, the cost for carrying debt on credit cards is likely to rise.
"Everyone has this sense that there is a storm brewing," said Bruce McClary, spokesman for the National Foundation for Credit Counseling. "All indications that we've seen are that people are carrying higher balances from month-to-month and more are behind on their monthly payments. That's not a healthy mix."
So what can you do?
https://www.msn.com/en-us/money/per...l-time-to-pay-off-credit-card-debt/ar-BBIwidu
Americans' debt levels have been growing and interest rates are rising — a combination that could put consumers in a bind if they carry a balance on their cards.
The Federal Reserve said earlier this month that overall consumer borrowing in the U.S. jumped 8.8 percent in November, the most in more than two years, a sign of growing confidence in the economy. The category of debt made up mostly of credit cards jumped $11.2 billion, the most in a year, to $1.02 trillion.
That is the highest level on record, without adjusting for inflation.
Rising debt levels can mean consumers feel better about the economy and are more willing to spend. But some experts say people may be over-extending themselves. And with the Federal Reserve expected to hike a key interest rate further this year, the cost for carrying debt on credit cards is likely to rise.
"Everyone has this sense that there is a storm brewing," said Bruce McClary, spokesman for the National Foundation for Credit Counseling. "All indications that we've seen are that people are carrying higher balances from month-to-month and more are behind on their monthly payments. That's not a healthy mix."
So what can you do?
https://www.msn.com/en-us/money/per...l-time-to-pay-off-credit-card-debt/ar-BBIwidu
