By holding rates steady, the Fed acted asmany experts predicted.

However, it also acknowledgedinflation remains slightly elevatedat 2.8% for the 12 months ending February 2025.

In the meantime, try using one of these tips to start paying down your existing debt.

“Paying 23% instead of 25% still means you’re paying 23% to service your debt.

Try these steps to minimize the damage credit card debt can do.

If youmiss a payment, you could damage your credit and be charged costly late fees.

But they also can tempt you to overspend and incur debt quickly if you don’t manage them responsibly.

However, you could use aP2P payment app, such as Venmo or Zelle, or your debit card.

If you’re looking for rewards, there aredebit cards that offer cash backon purchases without requiring credit.

(Don’t panic if you don’t have enough disposable income.)

There are two popular methods for paying down multiple balances: the snowball method and the avalanche method.

But which method is better?

You might end up throwing in the towel and continue accruing debt.

In the end, what’s important is to save money by avoiding interest charges.

Instead, hatch a plan.

Divide the transferred balance – say $3,000 – by the promotional period, 18 months.

However, if you’ve got the option to, pay more.

If you cannot pay down the balance in time, you could be stuck with a substantial APR.

When researching balance transfer cards, consider the fees they may include.

Most cards charge a balance transfer fee, usually 3% to 5% of the amount transferred.

Personal loans have lower fixed interest rates than credit cards, especially if you have good credit.

It won’t be as low as 0%, but it could be relatively close.

Personal loans could provide five to seven years for you to pay down the balance.

Apply for the loan and use the funds to pay off your credit card.

For people with poor or limited credit, consider a reputable nonprofit credit counseling agency, Rossman said.

These agencies provide helpful strategies for reducing debt with low fees.

There’s a reason why.

The current average interest rate is above 20%, according tothe Federal Reserve.

Most of the best flat-rate cash-back cards earn no more than 2%.

Set aside your cards while you work to pay off the balance.

Adding an extra source of income can help you tackle any debt faster.

Instead, try the tips above to alleviate some of the pressure.

While it won’t prevent interest from accruing, it will keep you out of even greater financial trouble.