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Story summary
- The average credit card annual percentage rate (APR) is about 21%, costing a $7,000 balance roughly $1,400 in interest annually.
- For borrowers aged 60 and older, options to lower costs include 0% balance transfer cards, tapping retirement accounts, or a home equity line of credit (HELOC).
- Converting unsecured debt to secured debt carries risks that could offset savings.
- Nonprofit credit counseling agencies help people 60+ manage debt and explore options.
