Americans are carrying more credit card debt than ever before, a total of about $1 trillion.The Federal Reserve officially clocks the total at $986 billion, while a separate analysi...
The Federal Reserve officially clocks the total at $986 billion, while a separate analysis from WalletHub puts the number at $1.2 trillion. Either way, it's an unprecedented figure for American consumers, and it's a number that rapidly ballooned in the last two years, growing about a quarter trillion dollars.
At the same time, our debt is getting harder to pay off. The Federal Reserve reports the average credit card interest rate climbed more than 4% since last year to almost 21%, and new cards are coming with an average interest rate of 24%.Financial experts say while getting credit card debt under control can be overwhelming, it only gets worse the longer you put it off. As you rack up debt and potentially miss payments, your credit score plummets.
Building a budget is the obvious first step. Experts say you should classify expenses as essential or discretionary and cut where you can. Paying down smaller debts first can help make managing debt less intimidating. And some people might benefit from consolidating debt into a single loan payment every month.
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