If you are using a credit card to pay for things, it is about to get very expensive. There is another interest rate hike that is going to affect your monthly minimum payment.

Raise your hand if you remember how cheap things got when we were in the middle of the COVID pandemic. The gas prices were some of the lowest in decades and people were scooping up houses as the interest rates were so good! Fast forward a few years and things are much different.

Paying with a credit card is very convenient and with tap and go paying, spending money is incredibly fast and easy. However, it is going to take much longer to pay that money back as we get more increases in the interest rates.

There are some reports that indicate if you make minimum payments on a credit card, it could take nearly 20 years to pay off!

There are plenty of good resources for budgeting your money every month. However, as prices get higher, it is harder for families to dig out of the debt they are in. The best advice seems to be not to max out a credit card if you can avoid it.

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