Few people would argue that America is a nation fueled by debt. As billionaire investor Jim Rogers says, “America is the largest debtor nation in the history of the world. This is not a good situation.”
While the national debt continues to climb higher and reach new multi-trillion-dollar levels, consumers still have control over their own credit cards.
Here’s a look at five simple – but useful – ways to manage credit card debt:
1) Commit to a Budget
Americans are on pace to accumulate $47 billion of new credit card debt this year, according to CardHub.com. However, you can avoid becoming apart of that statistic by creating and sticking to a household budget.
Card Hub recommends tracking your monthly expenses and ranking them in order of importance. If you spend more than you make, it’s time to face reality and make changes. Remember, the Joneses are probably in debt too, so stop trying to keep up with them.