Talking Points

How often do you use credit cards unnecessarily?

You may want to reconsider the “buy now, pay later” approach.

A Wallethub report shows South Carolinians owe over $15 billion in credit card debt.

The average household debt is $8,636 and steadily climbing.

Credit card debt reflects our financial health – or lack of it.

It has the potential to impact our wallets.

Americans began 2019 more than $1 trillion in credit card debt.

WalletHub projects a $70 billion net increase in consumer credit card debt this year.

Credit card debt is at the 2nd highest point since the end of 2008.

It reached an all-time high in the 4th quarter last year.

Why be concerned?

Wallethub CEO Odysseas Papadimitriou said, “Consumers are ramping up their reliance on credit card debt. This is an ominous signal as there are a lot of similarities to the time shortly before the last recession.

“The latest data indicate we’re truly entering dangerous territory.”

What can you do to pay down debt?

• Make a budget and stick to it.

• Build an emergency fund.

• Improve your credit by paying promptly.

• Pay off your biggest debts first.

• Evaluate your job situation. Are you earning what you need?

Read more at https://wallethub.com/edu/credit-card-debt-study/24400/ .