Average Family Owes $9,200 in Credit Card Debt

Posted by Chris O'Sullivan

Article by Dave Burge

El Paso Times

Some simple, common-sense steps can go a long way toward helping you get out of credit-card debt, experts say.

First, make a vow to get out of debt and stop using your credit cards.

That may sound easy, but it's often the hardest step, experts say.

"You can't fill up a hole while you're still digging," said Mike Sullivan, director of education for Take Charge America, a national nonprofit credit-counseling and debt-management organization based in Phoenix.

Next, make a strategic plan to tackle the debt you already have.

You should also build up some savings so you don't have to rely on your credit cards in the future when you're hit with unexpected expenses or financial emergencies, experts say.

"Across the United States, (credit-card debt) really is a problem," said Maureen Hankins, director of the El Paso YWCA's Consumer Credit Counseling Service. "Instead of saving money, they're spending their money paying off debt."

The average U.S. family has about $9,200 in credit-card debt, Sullivan said.

According to the Federal Reserve, U.S. revolving debt exceeded $880 billion as of March.

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