Credit card debt is at an all-time high, putting households near ‘breaking point,’ study shows

For now, job openings still far outnumber available workers, according to the U.S. Department of Labor’s recent Job Openings and Labor Turnover Survey.

Credit cards are one of the most expensive ways to borrow money. Currently, annual percentage rates, or APRs, are around 20%, an all-time high.

If the Federal Reserve announces a half-point increase in its benchmark interest rate at the March meeting, those APRs will climb even higher. That will cost credit card borrowers an extra $3.4 billion in interest charges over the next 12 months, WalletHub calculated.

“Cardholders do have options, though,” said Matt Schulz, chief credit analyst at LendingTree. Zero percent balance transfer credit card offers are even more plentiful than they were a year ago and remain one of the best weapons Americans have in the battle against credit card debt, he said.

Borrowers may also be able to refinance into a lower-interest personal loan. Those rates have climbed recently, as well, but at 10%, on average, are still well below what you currently have on your credit card, according to Schulz.

Otherwise, go back to the basics, advised Ted Rossman, senior industry analyst at Bankrate.

“Take on a side hustle, sell stuff you don’t need, cut your expenses,” he said. “A dollar saved is a dollar earned, and every dollar of credit card debt that you pay down has an average guaranteed tax-free return of about 20%.”

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