Facing high credit card debts? These are the best ways to pay it off without hurting your credit, according to experts.
With inflation and interest rates high, many consumers are struggling financially. The burden can be particularly heavy for those carrying credit card debt. The average interest rate on credit cards now sits at over 21%, up from just 14% a few years ago. The result is steadily rising balances and minimum payments that can often feel out of reach.Fortunately, there are options for tackling that debt effectively — and without hurting your credit score in the process.
Some plans may require you to close accounts, for example, which could lower your credit age and take down your score. This might also send your credit utilization ratio up, as you'd suddenly have less credit available. This could lower your score as well. 'While consolidation loans have the least impact on your credit, debt management programs are also a good option,' Pedersen says. See if a debt management plan is right for you now.
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