Even though I love credit cards because of their many benefits, I understand they are not for everyone.
My sister struggles with credit cards, and now mainly just uses cash so that she doesn’t get into credit card debt. Luckily, this has not led to credit card debt for her but I believe that is because she caught her mistakes early on.
However, others are not as lucky.
Others rack up large amounts of credit card debt. According to NerdWallet, the average household in the United States (who has debt) has an average credit card debt of $15,611. That is an increase of 2.26% from the amount of average credit card debt in a household in the same period in 2013.
Also, according to National Foundation for Credit Counseling, around 35 million people in the U.S. roll over $2,500 or more in credit card debt each month. That means these people are NOT paying their debt off each month in order to avoid interest. Instead, they are racking up credit card debt and interest charges. [Read more…]