Credit card debt continues to be a growing burden on Americans

With the rapid growth of medical and housing costs, many families are struggling to make ends meet. As the cost of living continues to surpass an average household income, more and more Americans are falling into credit card debt.

According to a recent survey from NerdWallet, the average American household pays almost $1,300 a year of interest on their credit card. Recent projections by the Federal Reserve suggest that interest rates could rise later this year, potentially costing hundreds of dollars in additional interest.

The best solution is to reduce your consumer debt so you can reduce your interest costs. The sooner you figure out the amount you’re carrying and work on paying down the balances, the better off your financial future will be. Fortunately, there are alternative options to minimizing interest costs and steadily eradicating your debt. Your first step is to organize your finances to find out where your debt stands. From there, you can prioritize your payments and determine a payoff strategy. If you’re having difficulty managing payments on multiple cards, you may consider debt consolidation.

If you need professional advice on managing your debt, Travis Credit Union members have access to free financial counseling through the BALANCE Financial Fitness Program.

Debt Consolidation BALANCE