Between March 2017 and March 2018, consumers paid nearly $104 billion in credit card fees and interest.¹ Furthermore, during the second week in August, the average credit card APR was 17.02%.² This means that for many consumers, carrying a balance on their credit card is costly, and that debt is likely drawing financial resources away from other goals, such as saving for retirement.

Often, the rationale for credit card usage is the rewards, cash back, or airline miles they can earn. However, carrying a monthly balance that you’re paying interest on is likely to negate any benefit of the card perks. Unfortunately, the most enticing perks are often associated with cards that impose annual fees and higher rates.

¹www.forbes.com [7/27/2018]
²www.creditcards.com/credit-card-news/rate-report.php [8/8/2018]

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