Debt is a burden that affects almost everyone nowadays, especially credit card debt. According to LendingTree, Americans are holding $986 billion in debt collectively, with the average cardholder carrying a balance of $7,279 in December 2022.
That’s a lot of debt! Especially with credit cards, which are notorious for having extremely high-interest rates, which eat away at your ability to get ahead financially. After making a few not-so-great choices in my early 20s, my wife and I focused our efforts on getting out of debt (except for our mortgage).