Colorado Credit Card Debt Highest Ever, Third in Nation
Credit card debt continues to burden residents in Colorado, and unfortunately, the problem is getting worse.
The entire country is struggling with credit card debt as well. There is over a trillion dollars in unpaid credit card debt in America.
Credit Card Debt Happens
Three in five Americans struggle with credit card debt. As someone managing credit card debt, I feel your struggle.
It feels like the moment when you get ahead on credit card debt, your pet gets sick, your check engine light comes on, or some random life event happens and you fall back into the endless pit that is credit card debt.
This is becoming extremely common in Colorado. Coloradans are falling behind and being crushed by high-interest rates.
Colorado Leads the Pack... In a Negative Way
Colorado now has the third highest amount of credit card debt according to a new ranking. The median credit card debt is $3,106 and on average will take over 15 months to get a grip on the debt.
The statistics across the country are pretty shocking too. One in three Americans say they would do anything to be debt-free.
Do we understand what that means?
3 Quick Tips for Lowering Your Credit Card Debt
Here are some tips and tricks that I have used over the years.
- Use the snowball method: Put additional payments on your card with the highest interest rate. Once that card is paid off, use your minimum payment plus that extra payment on another card.
- Split up your payments: If you split your credit card bill bi-weekly it helps the payment be more manageable.
- Ask for help: You can call your credit card company to explore repayment options.
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