Disclaimer: This Inside South Florida segment is sponsored by Tropical Financial Credit Union. All opinions and views are of the advertiser and does not reflect the same of WSFL-TV.
Marylen Yiris from Tropical Financial Credit Union joined Inside South Florida to discuss practical steps for managing high credit card interest rates, which currently average around 28%. Step one, she emphasized, is simply being aware of your rate and actively exploring options. Rising costs in essentials like food, gas, and housing have led many consumers to rely more heavily on credit cards, making it crucial to avoid ignoring credit card debt.
One option she recommended is seeking a credit card with a lower rate and transferring your balance, as a lower interest rate can reduce monthly payments and accelerate debt payoff, saving thousands in interest. For homeowners, Marylen suggested exploring home equity loans or lines of credit, which generally offer lower rates than credit cards. By consolidating debt through home equity, consumers can enjoy lower payments and longer terms, making it an ideal option for managing expenses in South Florida.
To stay on top of rates and manage finances, Marylen advised checking competitors’ rates and contacting financial institutions for assistance. She reminded viewers that Tropical Financial Credit Union offers resources and lending consultants to help find the best options. For more information, visit tropicalfcu.com.
