Talking Points

How many times have you charged a credit card when you should have saved? The allure of “buy now, pay later” has gotten many into deep trouble. Lexington County residents owe over $106 million in credit card debt, says a recent Wallethub study. That’s about $13,500 per household. We’re well above the national average household credit card debt of $8,788. The good news is debt increase is slowing down nationwide. 2018’s net increase of credit card debt was 24% lower over the previous year, at $67 billion. However, outstanding credit card debt is at the highest point since the end of 2008, after reaching an all-time record high of over $1 trillion in Q4 2018. The top way to pay off that growing mountain of debt? Make a budget and stick to it. Pay off your largest debts first to avoid the highest interest accruals.