Credit card interest rates remain near record levels in 2026, averaging 19.7% to 23.8% despite three Fed rate cuts in 2025. With $1.233 trillion in balances and minimum payments that can triple your debt, waiting for rate relief is not a strategy. Here are your real options.
Steve Rhode and Damon Day explain why paying more than the minimum is a slow-motion disaster when you owe $80K or more, and what actually works.
Quick Answer: People’s perception of debt is often distorted by emotional filters and cognitive biases that cause them to underestimate the severity of their financial problems. The brain’s tendency to seek comfort and fill in knowledge gaps leads to dangerous misconceptions like “I’ll catch up next month” that can worsen debt situations significantly.Ever looked at …
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