Raised interest rates lead to a higher cost of borrowing, leading to an increase in expenses for both credit cards and loans. Here are a few things you can do to lessen the impact of the higher interest rates:Limit your spending so you have more money available to pay down your debt(s). Pay your debts with the highest interest rates down first, so you pay in the long term of that loan. Consolidate your highest-interest debts into one loan with a lower interest rate. You can search and apply for a consolidation loan using visiting forbes.com.

Source: Forbes October 13, 2022 05:17 UTC