TUCSON, Ariz. (KGUN) — The Fed's recent rates increase is bringing credit card interest to a record high. According to Bankrate, the average rate hit nearly 18% in August. That's the highest since January 1996.
According to TransUnion, the number of people with credit cards and personal loans hit record highs in the second quarter of 2022, as the total number of credit cards exceeded 500 million for the first time ever, and the balances on those cards jumped 13% during the same timeframe, the largest year-over-year increase in more than 20 years.
7 tips to help you prepare for a recession
- Pay down your debt.
- Set a budget and abide by it.
- Add to your savings accounts whenever possible.
- Limit or eliminate your use of credit cards.
- Live on one income and save the other.
- Consider a job change.
- Diversify your investments.
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