With bank card debt balances within the U.S. climbing, you may wish to rethink your bank card technique forward of a doable recession.

That is as a result of bank card debt is up 13% since last year, and that debt will solely get more expensive as extra rate of interest hikes are expected later this yr. This is a have a look at what you are able to do, as really helpful to CNBC Make It by licensed monetary planners:

1. Pay down your bank card debt now

2. Name your bank card firm and ask for a decrease charge

One of many best methods to decrease bank card prices is to easily name up your bank card supplier and ask for a decrease rate of interest. They could say no, however for those who’ve been a loyal consumer with an bettering credit score rating, they could say sure.

To assist your case, quote bank card presents from competing firms if they arrive with decrease rates of interest than what you pay in your current card. You may as well ask them to waive your annual payment, too.

3. Think about a bank card stability switch

4. Get a cash-back card for those who aren’t touring a lot

The rewards for journey playing cards sometimes have good redemption charges, however which may not be price it for those who do not plan to journey a lot within the subsequent yr. Plus, they sometimes include annual charges.

For those who’re centered on making ends meet, a cash-back rewards card is perhaps a greater choice. These playing cards haven’t got quite a lot of perks, however they sometimes supply 2% – 5% cash-back on spending on important procuring classes like groceries or fuel. These playing cards are an effective way to offset among the prices of inflation.

5. Do a subscription audit of your bank card bills 

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