How To Pay Off More Credit Card Debt Before Holiday Shopping Starts
A recent Bankrate survey finds that about half of holiday shoppers have already started buying or plan to by Halloween and most of them plan to use credit cards to…
Use no more than 30% of your credit limit to keep your debt-to-credit ratio strong.
shutterstock_567634105-scaled.jpgA recent Bankrate survey finds that about half of holiday shoppers have already started buying or plan to by Halloween and most of them plan to use credit cards to pay for at least some of their purchases. According to CNBC and the Federal Reserve Bank of New York, credit card debt in the U.S. has reached a record high of $1.03 trillion and the average consumer carries about $6-thousand in credit card debt - which is a 10-year high.
On top of that, a lot of Americans are also carrying more credit card debt month to month and they’re paying a huge amount for having it, as the interest rate is now about 21%, according to the Federal Reserve Bank of St. Louis. But Lending Tree reports that the average interest rate on new card offers is 24.45%, the highest since they started tracking those rates in 2019.
Fortunately, there are some strategies that can help us start paying off credit card debt before we start charging our holiday shopping.
- Know what you owe - Step one is getting a handle on how much you owe. That includes knowing what interest rate you’re paying on the total balance of each card. When you figure out how much you owe and what you’re paying to borrow that amount, it’ll be easier to come up with a plan to pay it down.
- Review your credit report and score - You can get a free credit report online from the three major credit rating agencies - Equifax, Experian and TransUnion at AnnualCreditReport.com. Check them for errors and incorrect information, which you can dispute online. These reports won’t include your credit score, but credit card companies often let customers see their scores.
- Consider consolidating your debt - Using a 0% interest balance transfer card is one of the best ways to consolidate credit card debt, but you may need a credit score of 700 or higher to get one. A personal loan is another option, which can have an APR of around 12%.
- Work with the credit card company - Asking them for a lower rate sometimes works, as a Lending Tree survey finds around three-quarters who asked for a lower rate on their credit card in the past year got it.
- Choose a repayment strategy and stick to it - There’s no quick fix, so come up with a plan and stick to it.
Flying First Class? Here’s Where To Get The Best Experience For Your Money
Air travel is back and better than ever. With many Americans taking to the skies to travel Upgraded Points wanted to find out which airline offers the best in-flight experience. The number of passengers traveling will only continue to grow, and with staffing issues and canceled flights dominating headlines, a great travel experience has never been more important. Living in Charlotte I've tended to fly mainly American or US Air when they were separate entities. But just this year I've branched out looking for the best deal to reach my destination. It is interesting to compare the experience of different options. In many cases it's a give-and-take situation, one airline may offer better boarding perhaps but another provides free wifi. But if you're springing for first class you want to get the most bang for your buck.
So, you're flying first class. That automatically gets you some perks. But which airline is going to give you the best in-flight experience? Unfortunately not one other is a lot of opportunities to fly here in the Carolinas. Upgraded Points ranked the biggest airlines in the United States that offer first class seating, across 6 metrics then came up with a total score to rank them. The list features 5 airlines with domestic flights in the US ranked against the following categories:
Here is where each airline ranked:
5. Hawaiian Airlines
Entertainment: 8.3
Amenities: 0
Comfort: 33.3
Covid Safe: 25
Food: 87.5
Drink: 66.7
Total Rating: 36.8
4. American Airlines
Entertainment: 41.7
Amenities: 25
Comfort: 58.3
Covid Safe: 0
Food: 62.5
Drink: 83.3
Total Rating: 45.1
3. United
Entertainment: 37.5
Amenities: 75
Comfort: 33.3
Covid Safe: 25
Food: 75
Drink: 91.7
Total Rating: 56.3
2. Delta
Entertainment: 41.7
Amenities: 50
Comfort: 41.7
Covid Safe: 25
Food: 100
Drink: 91.7
Total Rating: 58.3
1. Alaska Airlines
Entertainment: 54.2
Amenities: 100
Comfort: 83.3
Covid Safe: 25
Food: 50
Drink: 75
Total Rating: 64.6
