The average U.S. household carries close to $16,000 in credit card debt, which continues to add interest and grow over time. Adding to the burden, the national average credit card interest rate is 16.14%.
With this much debt, families may find buying a home, putting money away in a college fund, saving for emergencies, saving for retirement, or balancing everyday living expenses to be difficult.
For many, this debt can be overwhelming and difficult to overcome, but by approaching the situation with a change in spending habits, a commitment to saving, and a debt payoff strategy, you can manage your credit card debt.
In many cases, poor spending habits lead to credit card debt. To pay off credit ...