Credit Card Debt Soaring: Tips to Slash High Interest Rates and Save Money

• Credit card debt in the US reached $1.23 trillion in Q3, up 5.75% year-over-year, with average interest rates around 22-30%.
• The average individual credit card balance is over $6,500; paying it off in a year could incur $800 in interest alone.
• Consumers with good credit (740+ score) and timely payments can negotiate with card companies to lower interest rates, even a 1-3% reduction can save significantly.
• If direct interest reduction is denied, inquire about balance transfer options to another card with a lower rate from the same company.
• Paying credit card bills twice a month instead of once can help reduce the overall interest burden and accelerate debt repayment.