Nicole Lapin

It is low effort, high reward.

Even an extra $25, $50, $100 a month on top of the minimum payment can shave months off your payoff timeline and save you serious money on interest.

Look, whether this credit card cap happens or not,

it's a symptom of a bigger issue.

Consumers are under serious financial pressure.

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.