NORMAN, Okla. – You might be hard pressed to find someone who doesn’t have any credit card debt, but a recent survey showed that Oklahomans in one town are making changes to cut down on that debt.
During the first quarter of 2018, Americans repaid $40.8 billion in credit card, which was the second-largest quarterly payoff ever. However, Americans then added almost $108 billion in credit card debt by the end of 2018.
According to WalletHub, outstanding credit card debt is at the highest point since the end of 2008.
On average, the American household had about $8,800 in credit card debt in 2018.
There was some good news for one Oklahoma community.
The company says that Norman residents paid down more debt than most other cities in the country.
On average, Norman households have about $13,762 in credit card debt, but they were able to pay down $1,027.
If you are working on paying off your credit cards, experts say you should follow a few simple rules:
- Make a budget and stick to it: Experts say you should rank your expenses and cut spending on things you don’t really need.
- Build an emergency fund: With a safety net of cash, you won’t likely fall behind on your bills due to an emergency.
- Improve your credit: Improving your credit standing can have a dramatic impact on the cost of your debt. Reducing the cost of debt will allow you to pay it off faster.
- Repay your most expensive debt first: If you have multiple balances, put the majority of your monthly debt payment toward the balance of the highest interest rate.