U.S. Credit Card Balances are at an All Time High

One reason is that more of you have more cards! Nick Clements of Magnify Money explains:

“As the economy improves and unemployment goes down – not only in Texas but all over the country – credit card lenders have been willing to take the risk and provide funds for more people.”

Without paying down the principal, you could be in for decades of debt.

“The minimum due that shows up on your statement is 1% of your principal balance plus all the fees and interest that accrued in the period. It could be 25+ years to pay off the entire debt!” 

And as the fed continues to raise prime, your card interest rates will rise...one almost un-noticeable fraction of a percent at a time. Clements says a fixed-rate bank note is a good way to pay off the card, your payment and interest rate will be the same each month.

US consumers are spending billions of dollars every year in extra interest.  Clements says to study your statements each month for your rates, the interest you're throwing away!

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