Pay Down Those Credit Cards, Before Rates Rise Further

Pay Down Those Credit Cards, Before Rates Rise Further
Buying wine in bulk means “you get a lot of strange looks,” she said, but helps keep a lid on “budget bleed.”
Here are some questions and answers about paying off credit card debt:
Should I pay down the cards with the highest interest rate, or the highest balance, first
Julie Ford, a fee-only financial planner in New York City who works with clients in their 20s
and 30s, said young adults in big cities could get carried away with lifestyle spending and lose track of their budgets amid social pressure to keep up.
Revolving credit — mostly credit card debt — reached a record $1.023 trillion in November, the Federal Reserve reported this week.
Now that the holiday spending party is over and credit card statements are landing in mailboxes,
consumers would be wise to start whittling their balances, financial advisers and analysts say.
January is a good time for consumers to peruse their credit card statements and consider what’s really necessary, Ms. Ford said.