A recent study by Wallethub.com says credit card debt is growing.
The study shows Americans owe 1 trillion dollars in personal credit card debt and only paid off 38 billion of it in the first quarter of 2019.
That’s less paid back on debt this year than the same time last year.
We sat down with a local financial expert to see where consumers go wrong and how to fix it.
“Understanding the entire global picture of the debt load that’s out there will start to assist you in getting “out of the hole” so to speak. Trying to determine and come up with a plan is key when trying to solve or resolve any debt issues.” says Jersey Benson, VP of Commercial Lending at First Western Bank & Trust.
Benson also says when deciding if to make a purchase, think about is it a need, or a want.