Interest rates are set to rise again, making it a good time to pay off high-cost credit card debt as soon as possible.
Annual percentage rates on credit cards are currently just over 16%. Because the Federal Reserve is in a rate hiking cycle, with half-point increases on the table for every remaining meeting this year, APRs are likely to go up.
They could even overtake the current record high of 17.87% set in April 2019.
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