It's time for holiday shopping, and with rising interest rates and soaring inflation, you could be tempted to use your credit cards. Average Retail Credit Card Annual Percentage Rates are also climbing - some as high as 30%! Ted Rossman of CreditCards.Com says if you are not paying off your card every month --- consider this: "My top tip is: Get a 0% Balance Transfer Card. The longest-running interest free cards offer up to 21 months! BankAmericard, WellsFargoReflect and the CitiDiamondPreferred are three good options.
The Cockroach of Credit Card Myths
Credit Card Annual Percentage Rates near 30% which means if you charged 1$,000 and only made minimum payments ... you would be in debt for over 4 years and would end up paying a total of $775 in interest.
He says it's wide open territory for credit card companies. Rossman says they can do this to any card holder in any state. "A lot of these companies set up shop in Delaware where there's not a 'usury cap.' That way they can charge whatever they want in whatever state a customers lives in."
photo:Getty
Credit Card Debt with high interest rates.Photo: Getty Images