Americans pass $1 trillion dollars in credit card debt - Hometownstations.com-WLIO- Lima, OH News Weather Sports

Americans pass $1 trillion dollars in credit card debt

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Credit card debt in the United States is at an all-time high. Credit card debt in the United States is at an all-time high.
When so much of their money is going to pay off loans, many tend to put their day to day expenses on cards. When so much of their money is going to pay off loans, many tend to put their day to day expenses on cards.

Credit card debt in the United States is at an all-time high. After spending a record $92.2 billion dollars in 2017 alone according to WalletHub, Americans officially owe more than $1 trillion dollars to credit card companies. A lot of that debt sits on the shoulders of the younger half of the nation.

"Forty and under is where a lot of these balances are being carried," says Matt Metzger, an Investment Adviser representative for Metzger Financial Services. "A lot of it's your seeing young kids come out of college, they're consumed by debt. Starts with their student loans then it carries forward where they're paying a high price of their income, a high percentage of their income is going towards that student loan."

When so much of their money is going to pay off loans, many tend to put their day to day expenses on cards. When those daily charges start to accumulate faster than consumers can pay it off, the best thing they can do is to watch their wallet.

"For the most part when you're talking about credit card debt specifically, a lot of this comes down to personal responsibility and household income along with household budgets."

But Metzger says budgets will only work for those who make a conscious effort to stick to them.

"You have to be able to kind of look at your life in a 30 day snap shot where you're able to say 'this is what I make, this is what I spend,' and try to keep that as close to break even as possible."

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