ALBANY, N.Y. (NEWS10)- Record high unemployment combined with delayed unemployment benefits and a slow economy due to the coronavirus pandemic, could have people relying on their credit cards for everyday purchases like groceries. Credit cards usually come with high-interest rates and over time that can mean paying much more than the original balance.

Balance transfers and personal loans can in some cases save people money in interest fees. Over time making the minimum payment on lines of credit compounds interest. This means credit card companies charge interest fees on top of previously accrued interest, says Credit Card Insider Credit Industry Analyst, Greg Mahnken.

Mahnken says the best way to protect credit scores and avoid paying interest is to pay off credit card balances monthly. If that’s not possible, there are other ways to pay down lines of credit more effectively.

The two most popular ways to pay down debt

Balance transfers

Minimum payments

Getting a lower interest rate

Defaulting on lines of credit

Click here for more information on paying down debt and to learn about credit card myths.