Credit Card Debt Just Hit an All-Time High -- and So Did Credit Card Interest Rates
Without question, Americans really love their credit cards. According to the latest update from the Federal Reserve, credit card debt stood at $1.027 trillion, an all-time high that now surpasses the record that was set about a decade ago. That's great news for a U.S. economy that's approximately 70% based on consumption, but worrisome news for the roughly seven in 10 adults in the U.S. who have at least one credit card in their wallet.
If used properly, credit cards can actually be a useful tool that helps save money over the long run. Adhering to the five factors that influence your credit score, and working to push your credit score into the "excellent" or "good" category, can improve your choices when you need a loan, as well as provide you with lower interest rate options, which over the long run could be saving you thousands or tens of thousands of dollars.
Image source: Getty Images.
Source: Fool.com
