Americans surpassed $1 trillion in credit card debt at the beginning of 2022. These are the seven places in the country amassing the least sustainable debt.
One of the reasons people amass credit card debt is because credit cards are accessible and easy to use,, a program director and associate professor of accounting at Nazareth College, told WalletHub.
"Credit card debt is designed to grow due to high Interest rates and through the power of compounding," Beiter said."It is easy for people to make the minimum payment on credit cards, and the balance just keeps on growing.", outstanding credit card debt may get even more expensive. In order to begin tackling your debt, Beiter says to start by understanding your cash flow:"What do you earn, and what are your expenses?" From there,"take stock of your debt," so you know what you owe.
She also recommends figuring out what motivates you to pay it off."Ideally, you can focus on paying off the debt with the highest interest rate, but if eliminating debt with smaller balances first motivates you, go for it," she told WalletHub.
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