MUTUAL FELL IN 2008. THEN THERE'S THE NEWS THAT CREDIT CARD DEBT IS AT AN ALL-TIME HIGH. THE FEDERAL RESERVE BANK OF NEW YORK SAID AMERICANS NOW GO $986 BILLION TO CREDIT CARD COMPANIES TO WHAT CAN YOU DO TO DIG OUT OF SOME OF THAT DEBT? JOY BENEDICT HAS SOME TIPS. REPORTER: 'S WALL STREET CELEBRATES AND MAIN STREET CRINGES US MORE AMERICANS ARE IN DEBT THAN EVER BEFORE. ALWAYS IN DEBT REPORTER: WITH $16.9 TRILLION IN HOUSEHOLD THAT IT WASN'T HARD TO STAND ON THE STREET IN NORTH HOLLYWOOD AND FIND FOLKS CARRYING A PIECE OF THE PIE INCLUDING MARK. >> THE INTEREST RATE INCREASING HAS AFFECTED ME PAY MY CREDIT CARD BILLS OR BRICK WAS CALLED TRIPLE TRIPLE TROUBLE I ADJUST RATES HIGH BALANCE IS AN ALMOST 40% SENT -- 46% ARE CARRYING DEBT BUT FOR THOSE FEELING THE PINCH EXPERTS SAY YOU HAVE OPTIONS. TED ROSMAN IS A SENIOR AT ALL MALICE -- ANALYST AT BANC -- BANKRATE.COM. THE FIRST THING YOU WANT TO DO IS LOOK FOR BALANCE TRANSFER OPTION. TAKE YOUR DEBT FROM ONE OR MORE CARDS PAYING 20% THE NATIONAL AVERAGE AND MOVE IT TO THIS NEW CARD WITH A 0% PROMOTION THAT CAN LAST AS LONG AS 21 MONTHS ENACTED BY HUGE INTERESTS SAVINGS.

YOU NEED NEED MINIMAL BALANCE IS IN FAIRLY GOOD CREDIT. IF YOU OWE MORE THAN FIVE OR $10,000 HE SUGGESTED CONSOLIDATION LOAN. IF YOU HAVE GOOD CREDIT YOU COULD GET A SIX OR SEVEN ARE SENT RATING IS A FORMER DEBT CONSOLIDATION REPORTER: WHEN IT COMES TO WHICH BUILD UP A FIRST? >> IT'S A SNOWBALL METHOD WHERE YOU START WITH THE SMALLEST DEBTS AND LIKE A SNOWBALL ROLLING DOWN THE HILL YOU GAIN MOMENTUM. SOMETHING KNOWN AS THE AVALANCHE METHOD A ROSMAN SAID THE BIGGEST MISTAKE CAN BE PAYING TOO MUCH. PRIORITIZE A SAVINGS ACCOUNT SO YOU AREN'T SO DEPENDENT ON YOUR CREDIT CARDS.

YOU DON'T WANT TO PUT EVERYTHING TOWARDS DEBT PAYOFF AND YOU WERE BACK WHERE YOU STARTED HER PROGRESS FOR CHRISTIAN HE JUST TALKED TO HIS CREDITOR. THEY LOWERED MY INTEREST RATE AND MADE A SPECIAL MONTHLY PAYMENT DEAL WITH ME ON THE HONOR PARAGRAPH ENDED THE DAY DAY CREDIT CARD COMPANIES JUST WANT YOUR PAYMENT AND COMING ISP.