Here are the places where millennials have the most credit card debt

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According to the latest data, millennials average about $4,930 in credit card debt. Data from credit bureau Experian.

But in some regions, the credit that is average debt for millennials aged 26 to 41 is additionally higher.

For example, in Alaska, the balance that is average millennials is about $5,388. Experian’s 2021 Surveythe latest data available at the state level.

And even though it’s California One of the most expensive states to live in in 2022didn’t rank among the top 10 places millennials have credit card debt.

Let’s Take a look at where millennials will have the credit card debt that is most an average of as of 2021.

The current financial state has managed to make it burdensome for many to settle credit debt, particularly for younger consumers he said as they may earn less than older age groups. Matt Schulz, chief credit analyst at LendingTree, told CNBC Make It. .

“They may be in student loan debt. They don’t have a complete lot of savings to fall back on. They probably don’t possess credit that is great. It means having,” he says.

Additionally, “it’s probably not surprising that balances are up, as prices are more than 8% higher than they were a ago,” said researchers at the Federal Reserve Bank of New York year. wrote in the latest report.

How to stay credit debt

If you are attempting to pay your credit card debt off, the first and best thing to do is create a budget to track your spending.

“Unless you know exactly how money that is much into and from the household every month, it’s not possible to make a meaningful policy for managing your credit debt,” says Schulz.

While there isn’t any one-size-fits-all way of paying down credit debt, there are lots of proven methods that really work.

If you may be motivated by small victories that are early snowball methodsays Schultz. With this strategy, paying off the balance that is smallest first can keep you motivated to help keep paying down larger balances.

If you intend to minimize interest, Avalanche methodsays Schultz. The strategy should be to pay back the interest credit card that is highest first so interest doesn’t keep accumulating, then he moves to the second highest interest rate, and so on.

Remember, there is no wrong way to pay your credit card debt off providing you have an idea.

“The easiest way you the most and sticks you the longest,” says Schultz.Register for the free CNBC Make It: Your Money virtual eventWant to earn more and work less for you is the one that motivates?

On December 13th at 12:00 PM ET, learn to raise your earning power through the Money Guru.Many young people prefer “buy now, pay later” to credit cards. Here’s why.

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