The Rising Cost of Credit Card Debt

And although many people feel that financial security means having little to no debt, achieving that goal is typically easier said than done. While there are many different kinds of debt, from student loans to mortgages, by far one of the most expensive forms of debt is credit card debt . That's partly because costly interest charges can quickly cause your credit card debt to balloon to an unmanageable level if you carry a balance from month to month.

Over the past 10 years, credit card interest rates have increased from 12.9% in 2013 to 22.8% in 2023, per the Consumer Financial Protection Bureau. As of March, the average APR is around 23%. "People tend to get into credit card debt for practical reasons (emergency expenses and day-to-day expenses are the top two explanations), but this can be a tough cycle to break," Ted Rossman, senior industry analyst for Bankrate.com, tells CNBC Make It. Although digging yourself out of debt is no easy feat, there are strategies that can help. Here are two you may want to consider

Credit Card Debt Interest Charges Debt Financial Security Strategies

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