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MenuThe biggest hurdle between most Americans and financial independence is credit card debt. In fact, a recent Pew Research study shows the average American carries over $16,000 in credit card debt. How do your numbers compare?
In today’s episode of Your Money Minute with Tracy Stewart CPA, I want to help you get your arms around your credit card debt so you can start paying it down and striding toward financial independence.
To do this, you’ll need to create a single list with all of your credit card debts. As awful as this may seem, it allows you to get your debts listed in one place so that you can see the entire picture.
Where should you start? Start tackling the account that would make you feel the best when it’s paid in full. Once you’ve paid this account down, roll the money you’ve been paying toward this account to the next debt on your list. This snowball effect will take off — and you’ll be debt free in no time!
Don’t forget to subscribe to my YouTube channel to get the latest episodes of Your Money Minute with Tracy Stewart CPA, a practical take on money and life published each and every weekday.
Texas is a community property state. Is the couple held equally liable for all creditk card debt?
Hi Kathy, Thanks for the question. While I am not an attorney, I checked LegalZoom and found this information: “Like community property, all debts acquired during the marriage are community debts. Both husband and wife are equally liable for these debts. In most cases, this includes unpaid credit card balances, home mortgages and car loan balances.” I assume this speaks only to the state laws and not to the actions that the creditor may take in attempt to collect on the debt. – Best regards, Tracy