Posted 1/3/2024, 8:32:00 PM
Americans Aim to Shake Off $1 Trillion in Credit Card Debt in 2024
- Americans had over $1 trillion in credit card debt going into 2023, with interest rates rising, making balances even more expensive
- Paying off debt was a top financial resolution for 2024, especially for older Americans
- Step 1 Closely examine your overall debt situation, including balances, interest rates, fees, etc. to understand the full picture
- Step 2 Build a budget routine to pay more than just the minimums, using methods like 50/30/20 or auto-pay
- Step 3 Decide which card to pay off first using the "snowball" or "avalanche" method, whichever keeps you more motivated