Credit Card Debt Hits the Highest in U.S History: 3 Things You Need to Do Now

Last Updated: July 26, 2018

Credit card debt has reached an all-time high nationwide!

It’s official, credit card debt has reached an all-time high, even topping the previous mark set in April of 2008 just before the Great Recession. According to a recent survey, 68% of adults who are in debt say they don’t know when or if they will ever be free of debt.

For households with credit card debt, the average balance is $15,654, and the average household pays $904 in interest annually!

If you are currently struggling with credit card debt, take this 3-minute quiz and learn how much your debt can be reduced. This is completely free, comes with zero commitment, and won’t hurt your credit one bit.

Want to escape from debt? Get help now!

Are you struggling with debt?

Who isn’t, right? However, lots of people have reduced their debt and many ended up becoming completely debt-free! This could also be you. Here are some of the best tips that helped many people get their finances back on track:

1. Make a Budget:

A budget will help you track your spending and minimize your credit card debt. What exactly is budgeting? At its simplest, it’s a ledger detailing the spending decisions you intend to make. It’s easier to reach your goal when you’re reminded of it every month.

2. Cut Excess Spending:

To help eliminate debt, you need to cut your recurring expenses and let the savings add up. This may require you to make sacrifices in your personal and social life.

3. Switch to Cash:

By switching your credit card to only cash, you’re forcing yourself to stick with your saving plan and budget. The purpose is when your money runs out, you’re done spending. This method will need determination and willpower but it is very beneficial.

Furthermore, if you feel like you could use some professional help, we recommend you give PayYourDebt.com a try. It is one of the best companies in the industry that offer their clients a free evaluation. Their professional assistance will help you commit to your savings plan.