Get a Handle on Your Credit Card Debt

MILLENNIAL MONEY

- Emma Patch

Revolving credit, which includes credit cards, surged by 21.4% in March, according to the Federal Reserve. But at the same time that credit card debts are growing, rising interest rates have made carrying a balance more expensive.

After two years of pandemic-related restrictions, I understand the urge to spend more on experiences and make up for lost time. I pay my credit card in full every month and have never carried a balance. However, I know that's not the case for many millennials. If you're carrying credit card debt, consider these strategies to eliminate or reduce what you owe-before it's too late.

Take stock of your debt. If you have balances on multiple credit cards, make a list that shows how much you owe on each card, the interest rate, and the minimum monthly payment for each. A spreadsheet provides a handy way to update your progress, but pen and paper work just as well.