Can making two credit card payments a month save you money?

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October 19, 2026 / 10:28 AM EDT / CBS News

For the millions of Americans carrying credit card debt, making progress on their balances feels increasingly difficult in today's landscape. Part of the issue is that the interest rate on the average credit card is above 22% currently, meaning that if you're carrying a balance from month to month, a significant portion of each monthly credit card payment goes toward interest rather than reducing what's owed. But with everyday expenses continuing to strain household budgets, finding extra money to put toward those balances isn't always realistic.

Case in point? A recent Freedom Debt Relief study shows that of the borrowers with substantial debt, 28% can only afford to make the minimum-required payments, while 20% are behind on at least one account. In turn, it's particularly important for borrowers to find ways to reduce borrowing costs right now. While transferring a balance to a lower-rate card or consolidating debt with a personal loan may help, those approaches aren't necessarily accessible to everyone.

Fortunately, changing how you approach your existing credit card…

Original source: https://www.cbsnews.com/moneywatch/