Crunching the Costs of New Year's Resolutions
Pay down debt
The good news, according to the Federal Reserve, is that revolving debt, including credit cards, was down $5.64 billion in October. The bad news is that the Reserve Bank of Boston and CreditCards.com say the average household with credit card debt owes $15,788 and total revolving debt stands at $801.7 billion.
Considering that missing a payment can lead to default interest rates of 25% to 30%, refraining from additional credit card spending, consolidating debt under lower rates and hitting that already-high payback number will keep that resolution from becoming bigger than a cardholder can handle.
-- Written by Jason Notte in Boston.
>To contact the writer of this article, click here: Jason Notte.
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