But in a few weeks, after the decorations have been taken down and packed away, you’ll get your credit card bills. Consumers were on track to pay banks more than $100 billion in credit card interest and fees in 2018, according to MagnifyMoney, a LendingTree brand, which analyzed FDIC data earlier this year. If you have an outstanding balance on any of your credit cards, you have to stop using plastic. A report by the American Bankers Association found that 43.8 percent of credit card account holders revolve a balance from month to month. Until every dollar is paid off on every single card you carry, you can’t use credit.

Source: Washington Post December 25, 2018 22:52 UTC