Credit Card Debt is Crippling Many Americans

Credit Card Debt is harder and harder to pay off - especially compared to household income. Texas has the 13th highest outstanding credit card balance compared to household income in the country! Mississippi has the largest credit card debt/household income ratio and Massachusetts is the best off with the lowest.

Omar Khan of Boardwalk Wealth says credit card companies are going into a doom spiral. "[Credit card companies say] 'You raise rates because other people raise rates' - it's just a race to the bottom!" He says even transferring a balance to a new card is only a temporary fix. "They are designed to capitalize on people's weaknesses. These companies have the first 6 months on 0% interest --- but after that your card's interest rate shoots up!"

Khan says the sad reality is to spend less and pay off as much as you can every month. "Buying groceries and other necessities: We should be very careful what we buy. We should tighten our belts more and more. Unfortunately, that's just the reality of the situation!"

The average credit card is charging you a record-high 20.69%. YIKES!

photo:Getty