5 tips for recession-proofing your credit card spending ahead of rising interest rates (via CNBCMakeIt)
later this year. Here's a look at what you can do, as recommended to CNBC Make It by certified financial planners:"This should be a top priority regardless of where we are in an economic cycle, but very important in times of high inflation and potential economic downturns," says Kendall Clayborne, certified financial planner at SoFi.
That's because outstanding balances tend to rise with interest rate hikes. Over the past few months, credit card interest rates have climbed from just over 16% to 17.42%, but that could be closer to 19% by the end of the year,2. Call your credit card company and ask for a lower rate One of the easiest ways to lower credit card costs is to simply call up your credit card provider and ask for a lower interest rate. They might say no, but if you've been a loyal client with an improving credit score, they might say yes.
To help your case, quote credit card offers from competing companies if they come with lower interest rates than what you pay on your existing card. You can also ask them to waive your annual fee, too.A balance transfer is when you move debt from one credit card account to another for a lower interest rate.
Credit card companies typically offer 0% interest for an introductory period of up to 21 months. This means lower payments, at least for a while. But you'll still need to make regular payments after the 0% introductory period expires.
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