Credit Card Debt

Credit Card Debt

One of the worst kinds of debt is credit card debt. The reason that credit debt is so bad is due to usually high interest rates compared to other forms of debt. Credit card debt is often at interest rates of 18-29%, which is very high when you consider the current prime rate. For this reason, it is often a good idea to eliminate credit card debt and try to pay off your credit cards completely each and every month, before they start charging those high rates of interest. As an alternative to credit card debt, you may want to consider a line of credit, which will often have much lower interest rates.