How to Avoid High Interest Rates on Credit Cards

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For loans and credit cards, avoid or limit interest charges. While it may sound like a bargain to pay the minimum due on your credit card so you have more money to spend on other things, the long-term costs of this strategy can be staggering. That's because credit card interest rates can be quite high -- with the best of rates often being in the low double-digits. Instead, try to pay all or as much as possible of your outstanding credit card balance to avoid interest charges. "The amount you pay toward your credit card bill each month can have greater long-term consequences for your finances than how much money you save or invest each month," added FDIC Consumer Affairs Specialist Howard Herman.

Similarly, many people send in more than the amount due on their mortgage and other loans so they can pay off the debt faster and reduce their total interest cost.

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