Americans paid back more than 31 billion in credit card debt in the first 3 months of the year but the amount of new debt makes that amount seem minuscule.
Sure, that 31 billion is a big improvement over the amount of credit card debt that was paid back last year but the amount of money Americans will add on to credit card debt in 2017 is nearly double that amount.
WalletHub is projecting 60 billion in new debt by December and when it’s all calculated,, that means the nation’s credit card holders are on the hook for more than 1 trillion dollars.
Getting out from under all that debt may seem impossible but our financial experts says it’s not.
Some easy tips to help include making a budget and no matter how badly you want that new, bigger TV, stick to your budget.
A smart thing to do is to build an emergency fund. Find credit cards with lower interest and transfer balances from higher interest cards and if you can’t do that, then pay off the accounts with the highest interest first.
Contact us for help to be debt free in no time!