And the interest is killing us. “We’re spending BILLIONS OF DOLLARS just on interest alone,” says Jill Gonzalez, Analyst for Wallet Hub. Wallet Hub recently published an extensive study about American cities and their credit card debt. She adds, “In Houston – you have an average of $2500. That makes the average credit card pay-down is off for both the principal and the interest 13 months and 22 days!”
Gonzalez has a tip on how to pay off that credit card faster. “Transfer the balance to a Zero Interest credit card and pay off the principal as soon as you can. Depending on how good your credit score is, your Zero Interest could last 12,15,18, up to 21 months depending on how good your credit score is.”
We started 2018 as a country with more ONE TRILLION DOLLARS in outstanding credit card balances. We hit a record! Sadly, though, we are right on track to start 2019 in even worse shape.
Gonzalez says their study found Houston is healthier than most - and The Woodlands and Sugar Land ranked in the financially healthiest 1 percent! If you want to get out of credit card debt without taking additional months just to pay the interest, Gonzalez has an idea.
And stay away internet gimmicks that promise to get you out of debt fast. You could lose a lot more than just their fee!
Click here to read about the study
Click here for a credit card calculator