Credit card debt can be difficult to manage, even under the best economic conditions. But in today’s inflationary environment, it can be particularly challenging. Many Americans are even turning to their credit cards and taking on additional debt just to make ends meet or to cover unexpected expenses.
To that end, The New York Fed reports the total credit card debt in America rose to the tune of $154 billion (4.7%) to $1.08 trillion during the third quarter of 2023. That marks the largest increase on record.
Repayment strategies like the debt avalanche and debt snowball methods can be effective methods to pay down you…
Read the full article at: https://www.cbsnews.com/news/how-a-home-equity-loan-can-help-you-eliminate-credit-card-debt/