The average interest rate on a credit card is 15 percent. For every $100, you borrow you’re paying $15. That certainly adds up quickly, which is why if you are carrying credit card debt you should be paying it off even faster.
You always have decisions to make with your money, but paying off credit cards can certainly be a higher priority than a lot of other good financial decisions. It will reduce how much you’re paying in interest and allow you to put your money toward you and not paying other people back.
Of course there are always other things you can pay off, but credit card debt should be at the top of your list. Take a look.
If you need to put your finances in order to pay off debt, Mvelopes can help with a free trial. Our budgeting app can help you find extra money and put it toward eliminating your debt.