A national debt crisisAmericans are facing a credit card debt crisis, with millennials and Gen Z at the forefront of the struggle.
If you're a consumer with average credit who tends to carry a credit card balance, McCarthy recommends seeking options for lower-interest repayment.
If the Fed lowers interest rates as anticipated, you can expect personal loan interest rates to drop slightly, regardless of your credit score.
"Many consumers struggling with high-interest debt have expressed confusion surrounding credit card APRs, and credit card companies are happy to keep it that way."
"Many consumers believe that making the minimum payment is an effective way to manage their credit card debt," Elliot said.
Persons:
—, Z, James McCarthy, McCarthy, Jeremy Schneider, Schneider, Sophia Bera Daigle, Daigle, you've, Mark Elliot, Elliot
Organizations:
Federal, Service, Federal Reserve, Consumer Financial Protection Bureau, National Foundation, Credit, JPMorgan Chase, Capital
Locations:
millennials, U.S