Paying off credit card debt is worth more than money in the bank right now — here’s how to do it

The market rate of interest is going up. CreditCards.com, which tracks interest rates, reports that average APRs are hitting all-time highs. Many credit card companies are changing terms, so the rate you were paying last year may no longer be in effect. While savings accounts are also generating high rates of returns, most people are better off using extra savings to pay down debt.