Nearly two in five credit card holders have maxed out, or come close to maxing out a credit card since the Federal reserve began raising interest rates in March 2022. That's according to a new survey from consumer experts at Bankrate.
While the fed has been lowering interest rates in the last few months, credit card interest rates can still be anywhere from about 20-28 percent, according to experts.
If you are overspending, you should do an immediate financial check-up, write down expenses and try to figure out the root of the problem.
Look into transferring balances to a zero percent interest rate card offers. But make sure there is a plan to pay them off because those offers will eventually end, and the interest rate will skyrocket.
Another way to attack debt is to pay off cards with lowest balances first while paying the minimum on other cards.