(InvestigateTV) — Americans collectively owe $1.3 trillion in credit card debt, with the average household carrying more than $11,000 in balances.
John Kiernan, managing editor at WalletHub, said people are struggling with credit card debt.
A new WalletHub survey found about 2 in 5 people say they expect to have more credit card debt by the end of this year.
“And 42 percent of Americans feel like they’ll have credit card debt until they die,” Kiernan said. “So, it’s an expensive thing that’s kind of eating away at a lot of people. And people don’t feel like they have a way out.”
Start with a budget and cut discretionary spending
Kiernan said one place to start is with a budget and a closer look at discretionary spending. He said some people may also find a budgeting app helpful.
“We try to recommend that people kind of minimize their discretionary spending and try to maximize in short term their debt payments and their savings. It’ll be tough—but after a while it’ll put them in a much better position,” Kiernan said.
He said if people turn to AI or online tools for help, they should verify what they find.
“You can find some hallucinations and inaccuracies in there…and it’s also led to a drop off of impartial websites getting honest information. Anything you find on the internet, you should try to cross reference it. And make sure it’s accurate,” Kiernan said.
Kiernan recommended tackling the biggest balance first.
“If you want to maximize your savings, you should start with the highest interest rate,” Kiernan said.
Once debt is under control, Kiernan said credit cards can be more of a tool than a trap.
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