You're not alone in the quest for going debt free – in the last quarter of 2022, credit card debt reached $986 billion, a $61 billion increase over pre-pandemic levels. Those balances will likely continue to rise due to inflation and rising interest rates. Though there is no quick fix for debt, despite what solicitors or infomercials claim, it's wise to view the journey as a challenge, and a learning opportunity to build a healthy credit score!
Bridgeport, Connecticut has the most residents dealing with credit card debt, followed by New York City and Virginia Beach, Virginia.
Wondering if you should pay your debt or save for retirement first? If you have high-interest debt, pay that first then save for retirement.
Financial expert Ramit Sethi says a person who knows their debt payoff date, whether it's credit-card debt or student loans, clearly has a plan.