AGAWAM, Mass. (WWLP)– Nationally, Consumer credit card debt is rising higher than expected.
Americans racked up an additional $71 billion in credit card debt in 2015. That brings the nation’s total credit card debt to over $917 billion; about $17 billion more than what economists projected, according to a new survey by CardHub.
This is the first time since the 2008 recession that the nation’s cc debt has risen to this height. Credit experts at Cambridge Credit Counseling warn staying ahead of your payments will have a major impact on your financial future.
“We are in a credit based society. Obviously credit is important for many things. If you’re wanting to buy a home, it’s not just about getting approved it’s about what rate are you going to pay,” Gordon Oliver, from Cambridge Credit Counseling, told 22News
Oliver also told 22news managing your household budget means tracking how much money comes in relation to how much money you spend. He recommends building up your savings, especially during times you are financially stable and weight your spending on your needs versus your wanted. He said to try only buying the “wants” when the savings is available.