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Experts say average household credit card debt is on rise

Experts say average household credit card debt is on rise

Financial website Wallet Hub reports we're sitting on $33 billion in new credit card debt and they predict by end of year it may reach $60 billion.

The study shows we're quickly approaching the $1 trillion mark.

Outstanding credit card debt is at the second-highest point since the Great Recession, in 2008.

The average debt per household right now is about $8,000, that's up 5 percent since last year.

Experts say there are ways to gain control of debt, especially as we near the holidays.

First, make a budget and stick to it.

Next, build an emergency fund.

The goal is to not fall behind on bills in the event of emergency expenses or if you lose your job.

And finally, repay your most expensive debt first.

Knock out the credit card with the highest interest rate first, all the while paying the minimum on the rest until you've paid off that card.

If you have more than one card, move on to the one with the next highest interest rate until you are debt free.


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