Howard Pressman in Policygenius article, "Here's how high credit card debt is in every state"
June 6, 2019, Policygenius - Credit card debt is intrinsically tied to financial health. It can snowball quickly and is often incredibly hard to get rid of.
“The challenge with credit card debt is the high-interest rates,” said Howard Pressman, certified financial planner, and partner at Egan, Berger and Weiner. “If there isn't a lot of debt, it's not the worst thing for your finances. But if there is a lot, it can really restrict you from reaching other goals.”
The average American has a credit card balance of $6,506, according to credit bureau Experian. We looked at how credit card debt affects people in different areas by comparing the average credit card debt level to median income in each state. This gives us an idea of the size of the average debt burden by state and how able the average resident is to pay it off.
Have credit card debt?
“If you are only making minimum payments on your credit card and have interest-only loans, then you are definitely not financially healthy,” said Haas.
To begin dealing with debt, first understand how your income is spent. The easiest way to track spending is with a budget.
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