Listen Now: Credit Card Debt: 65% of Americans Have No End In Sight
Most of the country is in debt and unfortunately a lot of consumers will stay that way.
According to CreditCards.com, nearly sixty five percent of american adults with debt don’t know if or when they will ever be rid of the burden. That number includes twenty five percent who say they expect to die still in debt.
So how can you get out from under the rock? According to industry analysts, the most common strategy is to pay substantially more than the minimum monthly payment.
Another idea few people take advantage of is balance transfer cards. The opportunity to pay zero percent interest for at least a year could save hundreds or thousands of dollars in interest payments.
Experts say this is a good trick considering the current national credit card rate is a record high seventeen percent. With that interest, carrying a balance can take a chunk out of your budget.
Experts say if you’re in debt look for a better job, pick up a side gig, or have a garage sale, before your debt gets completely out of control.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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