Like many things in today’s economy, credit card debt doesn’t just seem more expensive these days — it is. But that doesn’t mean you’re stuck paying higher prices.

A new report from the Consumer Financial Protection Bureau (CFPB) found that total outstanding credit card debt topped $1 trillion for the first time in 2022, with Americans paying a cumulative $130 billion in credit card interest and fees alone.

If you’re experiencing higher debt levels and mounting interest and fees from your credit card company, there are some actions you can take to start cutting down costs.

5 ways to minimize credit card debt and dodge fees and interest

Revolving debt is the easiest way for cardholders to rack up interest and fees. While avoiding debt altogether can help you save, that’s not always an option.

The 1 in 10 credit card users with what the CFPB calls "persistent debt" — taking on more in interest and fees than they pay toward their principal balance each year — may need to take more significant steps to get out from under debt.

1. Avoid accruing interest

The Fed’s recent string of federal interest rate hikes has increased rates across the board, but credit card interest rates are generally much higher than you’ll find on other loans.

In fact, average credit card APRs in 2022 ran 15.4 percentage points above the prime rate, according to the CFPB, and the average minimum payment increased to over $100. Today, the average credit card APR is around 22%.

There are credit card options with 0% APR offers on new purchases, which could help you avoid these high rates for a limited time. But the only way to guarantee you don’t take on added interest is to pay your bill in full and on time each month.

If you’re having trouble paying your credit card bill in full, carefully review your credit card statement each month. Look for any errors and get an idea of your spending. You might find recurring charges you didn’t know you were paying, or subscriptions you no longer use. Search for areas in your budget you can cut back to put more toward your balances.

Accruing high interest at today’s astronomical APRs can be a quick slide into long-lasting debt; whatever steps you can take to avoid interest before it starts will make your financial future much more manageable.

2. Avoid racking up fees

When it comes to fees, your card agreement can provide the best help. You should know the different types of credit card fees, how much they could cost you, and when you could incur them. Here are just a few to keep in mind:

• Late fees: When you don’t make at least your minimum payment by the due date, you can incur late fees. They were the most commonly charged credit card fees in 2022, accounting for $14.5 billion, and often cost up to about $40, though the exact amount you’re charged can depend on how many times you’ve incurred the fee. Consider setting up automated payments to avoid late fees each month.

• Returned payment fees: This fee can be charged to your account if you don’t have sufficient funds in the bank account you use to make your monthly payment. The cost is often the same as late payment fees, and both can incur higher penalty APRs.

• Balance transfer fees: When you use a balance transfer credit card to pay down your debt, you’ll likely pay a balance transfer fee worth 3%-5% of the balance you transfer to the card.

• Cash advance fees: Cash advances are like short-term loans borrowed from your credit line. They’re also a risky financial choice. If you do need to make a cash advance, you’ll pay around a 5% fee of the advance amount.

• Foreign transaction fees: Many cards charge 3%-5% fees for making purchases outside the U.S. If you travel internationally often or spend with international retailers online, consider a card with no foreign transaction fees.

• Fees for opting into installment plans: If your card issuer offers the option to roll your payments into a fixed installment plan, you may save on interest. However, these alternative payment methods come with fees. This fee is often well below the card’s APR, but can still add up, depending on how you use the service.

Finally, the CFPB found that credit card annual fees have continued to increase over the past two years. Of the different types of fees, this is the one you may be most familiar with — and willing to pay. But ensuring any card’s annual fee is worth it for you is important. You may want to rethink your card choice if you’re not getting at least that value back in rewards.

3. Apply for a balance transfer credit card

Balance transfer credit cards can help you pay down debt by tackling your principal balance directly throughout a 0% APR introductory period. Typically, for 12 to 18 months (though the longest intro period today is up to 21 months), you can make payments directly toward your debt without taking on added interest.

If late payments and delinquencies have impacted your credit, you may not be able to qualify for a balance transfer credit card. Make sure you compare your credit score with any potential new card’s range (or consider prequalification) before you submit your application.

4. Consolidate credit card debt with a personal loan

Personal loans are another option some cardholders may benefit from. A personal loan designed for debt consolidation can offer a fixed interest rate and payoff plan to eliminate your debt over a given period of time.

This may be a solid option for cardholders with very high debt balances or who want to consolidate debt across multiple cards. Plus, depending on your credit, you may qualify for a personal loan with a much more competitive interest rate than your credit card APR — so you can pay it off more quickly than you otherwise could.

5. Consider debt relief options

While it’s not guaranteed, you may want to try asking for relief from your credit card company directly. The CFPB recommends negotiating a reduced interest rate, waived fees, or changing your due date to better align with your payment schedule.

A reputable, nonprofit credit counseling organization may be another good resource. These agencies can offer assistance on your debt and budget, as well as other financial topics. It’s not a quick fix, but counseling can help you on the right path.

"Good counselors won’t promise to fix all your problems or ask you to pay a lot of money before doing anything," the Federal Trade Commission recommends, along with resources for finding a reputable counselor.

This article was edited by Rebecca McCracken

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