Although the Federal Reserve's interest rate cut earlier in September was a positive development for borrowers, it's unlikely to offer much immediate relief for credit card users. The average American has around $8,000 in credit card debt right now, and the average credit card interest rate is quickly approaching a staggering 23% at the same time. Combined, this makes for a potent combination of high-interest debt that will be difficult to pay off in a timely fashion.
Fortunately, multiple debt relief companies can help borrowers. They can do so with debt consolidation loans , debt management programs and even credit card debt forgiveness for those who may be eligible . To help make these options more effective, however, credit card users will need to take some steps to alleviate their existing debt.
And that extends to knowing which credit card debt mistakes to avoid heading into the new month. Below, we'll break down three of them. Learn how the right debt relief program can help with your credit card debt here .
3 big credit card debt mistakes to avoid this October Don't let your existing credit card debt grow much further. Instead, avoid making these simple but easy-to-make mistakes this October: There's no telling when interest rates will fall, exactly. But even if you could determine it with exact precision, it doesn't mean that those adjustments will make a material difference in what you owe on your credit cards.
With a credit card interest rate of 23%, for example, a.
