What are sound financial strategies to pay down credit cards?

Millions of Americans are struggling with mounting credit card debt, and these surging credit card balances increased by $61 billion in the fourth quarter of 2022 to $986 billion. These staggering figures are already higher than pre-pandemic levels of $927 billion, according to a report from the Federal Reserve Bank of New York.

As surging inflation and rising interest rates have a grip on the U.S. economy, Americans’ credit balances will likely continue to rise and be even more costly to pay off. According to Bankrate, the average credit card interest rate is 20.21%. The best way to combat these high interest rates is to create a plan to pay down credit card