In Your Debt: 3 steps to lower the cost of your debt

By SARA RATHNER of NerdWallet

With interest rates rising, the cost of borrowing is going up. This is especially the case for credit cards, as they have high annual percentage rates that vary as interest rates change. There are ways you can reduce the cost of your debt while you work to pay it off: crafting a new spending plan to free up money for debt payments, making more aggressive life changes and taking steps to lower your interest rate. However, there are details and trade-offs to each method that are helpful to know.