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Jeffrey Stern
Jeffrey Stern
NPC Financial Chief Operating Officer
http://npcfinancial.com 954-862-5450

Jeffrey Stern, the Chief Operating Officer of NPC Financial, brings 22 years of unwavering dedication to the firm. In his pivotal role, Jeffrey spearheads NPC Financial’s comprehensive financial planning initiatives, encompassing insurance, retirement, business succession, estate analysis, wealth management, and executive/employee group benefits. As an integral part of NPC’s Executive Management Team, he not only advises associates but actively fosters their professional growth and practice development. His involvement extends to long-term planning and shaping the corporate vision of the firm.

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Credit Card Debt

Money

3 tips to manage high-interest credit

America is quickly becoming a “cashless” economy. Just 14% of U.S. consumers say they use cash for all or almost all of their transactions.1

Using credit cards is convenient. It’s easy. And that can be part of the problem. With cash, we know how much we’re spending. It’s easier to track. With credit cards? If we don’t really want to know, we don’t have to – at least until the statement arrives. That can ding your budget, especially in an environment of rising interest rates.

Current Average Credit Card Interest Rates by Category (August 2023) 2

But do these interest rates really matter?

You’d be surprised. Say you make the minimum payments on a $500 credit card bill with a 14.56% interest. You’d pay almost $145 in interest by the time the debt is paid off. BUT . . . if your interest rate is 20.09%, you’d pay over $205 in interest. That’s a $60 difference on a $500 debt over the same 43 month period.
Here are three easy tips to help you manage rising credit card rates:

• Pay off, restructure or re-finance your credit card debt. Using these strategies may result in lower monthly payments to pay off the same debt.
• Limit your credit card use. Use your card only for those expenses you know you can pay off in full each month.
• Call your credit card issuer and ask for a lower rate. Your mailbox is filled with credit card solicitations, and they know it. If your issuer wants to keep you as a customer, they may consider reducing your rate.

Once you’ve addressed your credit card debt and eliminated it or reduced your monthly payments, we can help you reallocate those funds to your balance sheet to help fund protection and wealth-building strategies. Please reach out if you’d like to hear more.

1 CNBC

2 WalletHub

Pub12207 2023-158580 (Exp. 7/25) *pre-approved content*