In Your Debt: Doing the bare minimum with debt can cost you

By SARA RATHNER of NerdWallet

When you have credit card debt, the easiest way to deal with it is to diligently make monthly payments of at least the minimum amount due, and more if your budget allows. In doing this, you avoid late fees and your account is considered in good standing. That’s a start, but taking actions beyond making basic monthly payments can bring the cost of that debt down significantly. At a time when average credit card interest rates are above 20% APR, and inflation is raising prices on necessary purchases, finding ways to reduce your interest payments can free up your money for other purposes.