December 06, 2018
You know where I stand on having credit card debt. It holds you back from being all you can, and deserve, to be.
I realize some of you have credit card debt due to emergencies, like a medical bill or car repair bill you didn’t have the cash to cover. I respect that not all of you have credit card debt due to overspending. But, many of you do have unpaid credit card bills because you are living above your means, using credit cards to pay for the “wants” you can’t afford.
That’s never a good idea, but right now it is an even worse deal. Have you checked the interest rate you pay on your credit card bills lately? It is rising. The average rate is now more than 17%, up from 15% a few years ago. And 17% is just the average. Many of you are likely paying more than 20% interest. That is insane.
Even worse, I expect the interest rate you are charged on your credit card bills will rise in 2019. Credit card interest rates move in sync with policy changes made by the Federal Reserve. The Fed has been raising a key interest rate it controls–and that impacts credit cards–for a few years, and is likely to make a few more hikes in 2019.
For anyone with credit card debt, 2019 is the year to tackle it. No more delays. No more excuses.