Record credit card debt erased in 2020

there you can visit our page by going to click 2 Houston dot com slash traffic. >> Well, 2020 was the year the most might like to forget, according to a new report, it did bring some good news when it comes to credit card debt in the U.S. consumer expert Amy Davis explains the trends and what you need to do if you have debt. ♪ >> Every year for the past decade. Consumers have added an average of 54.2 billion dollars in credit card debt. According to wallet hub. But in a recently released study the personal finance website says in 2020 Americans got rid of nearly 83 billion in debt and all time record these numbers were a little bit surprising to see.

This is good news. It means that people during the pandemic or really prioritizing paying down their debt instead of incurring new tact. But looking forward in 2021 experts. Don’t expect that trend to continue based on our projections. We’re probably looking at Americans to add another 50 billion dollars to their total tab collectively by the end of the year, which is more on track by what we’ve seen for the last 10 years or so. Still working to pay off those credit cards. Experts say he got to be aggressive. You have to credit cards. If you really want to pay down. You want to put the most money on top of whatever it is that has either the highest interest rate to maybe focus on paying off your most expensive debt.

First. >> Or maybe the smallest balance kind of looking at the snowball approach where you’re just paying off whatever you can so that you get one entire bill and out of your life. >> Wallet hub says the average household credit card ballots was more than $8,000 at the end of 2020 here in Houston that numbers. It’s a bit higher at $13,000 and in terms of paying off debt Houstonians on average.

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