Nicole Lapin

A 10% cap would be a huge shift from where we are now, but the outcome depends entirely on the details, how it's implemented, who it applies to, and how the banks respond.

But no matter what happens in Washington,

Here's what matters most.

Know your numbers.

You can't control what happens in Washington.

You can only control yourself.

So know your APR.

Know how much that interest is costing you.

And most importantly, know your plan to get out of debt because no one should be stuck paying 20, 25, 30 percent interest for the rest of their life.

For today's tip, you can take straight to the bank.

Opt into credit line increases strategically, and then don't spend a dollar of it.

Here's why.

Credit utilization.

That's the percentage of your limit that you're actually using, and it is one of the most important factors in your credit score.

And high utilization is often what keeps people trapped in these high APR credit cards.

When your limit goes up, but your balance stays the same,

your utilization drops, sometimes really dramatically, which can boost your score and open the door to lower rate balance transfer options, cheaper consolidation loans, or better negotiation leverage with your current issuer.

The key is treating that increased limit as invisible money.

You don't touch it.

You just use it to unlock cheaper borrowing and escape the interest trap faster.