With the holidays upon us, Americans will be spending more, and charging more than they do any other time of year. With credit card debt already at $1 trillion, the highest since 2008, more and more people should be looking for ways to avoid high interest rates and fees. According to a NerdWallet study, for households that carry credit card debt it costs them about $1,300 a year in interest. Though it’s especially tempting to charge purchases with the ‘buy now, pay later’ mantra, consumers who carry a revolving balance on their credit cards and only make minimum payments are not only racking up credit card debt, but they are throwing away money with these high interest rates. While it’s important to refrain from throwing down the plastic and paying with cash moving forward, there are options to managing your credit card debt and avoid paying high interest.
Andrea Woroch is a Marcus by Goldman Sachs ambassador and a nationally-recognized consumer and money-saving expert who regularly contributes to leading national and regional news stories. She has appeared on NBC's Today Show, Dr. OZ, Good Morning America, FOX & Friends, MSNBC, CNN, ABC News with Diane Sawyer, and been quoted in New York Times, Wall Street Journal, Money Magazine, Kiplinger Personal Finance, Better Homes & Garden and many others. Andrea also enjoys writing articles for various personal finance and lifestyle websites and blogs. Andrea is passionate about sharing ideas and tips to help you live on less without having to sacrifice. She says making a few small tweaks to daily and monthly spending is all you need to do to achieve your dreams within your means. Follow Andrea on Facebook and Twitter for daily savings tips and check back for new videos, magazine stories and blog posts all about saving money!
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