2024 was a big year for my family, and not in a good way. My partner lost his job, our dog was diagnosed with cancer and one of my family members suffered a stroke.
As a personal finance expert, I pride myself on taking risk into account. I have a high-yield savings account and I’m more aware than most of the perils of the credit card debt trap. So how did I find myself in this situation?
Life is unpredictable, and sometimes we don’t have the resources to handle what comes our way. As such, 45% of American households hold credit card debt, according to recent data from the Survey of Consumer Finances, which shows me that I am not alone in my struggles.
I used to vilify credit cards, but through my work and lived experiences, I now recognize them as a tool. Although debt is morally neutral, having more of it than you intend to can dig you into a financial hole. By removing the common vitriol associated with debt and making a clear plan, we can zero out our balances sooner.
Here is…