PROVIDENCE, R.I. (WPRI) — Credit card debt can be easy to rack up, and added interests rates can make it difficult to pay it off.

Derek Amy from Strategic Point Investment said paying off credit card debt has been made even more difficult due to inflation.

The Federal Reserve has already boosted interest rates across the board several times this year, which can financially stress those who are already struggling to make payments.

“We’re starting to see credit card debt creep higher, though it’s not uncommon to see people paying 20%,” Amy said.

Amy said the best way to address credit card debt is to figure out how you racked it up in the first place.

“If you don’t tackle how you ended up accumulating it, you’re just kicking the tire down the road,” he explained.

Those struggling to pay off their credit cards should look first at their spending habits and cut back where they can, according to Amy.

After that, he recommends setting up a payment plan and consolidating debts by transferring them to a 0% balance transfer card.

The best balance transfer cards, according to Amy, offer long introductory periods, during which the outstanding balance won’t accrue interest.

“You do have to do the math and say, ‘OK, what is that rate that I’m paying?'” he said.

Amy also suggested looking into a home equity line of credit, especially since home values have gone up significantly.

“The home equity line might cost you 5% or 6%,” he said. “That’s going to be a lot less than what’s on your credit card.”

Amy said a more direct option would be to contact the credit card company directly and try to negotiate a lower interest rate.