Carbondale among top 10 cities with worst credit card debt - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Carbondale among top 10 cities with worst credit card debt

(Source: Raycom Media) (Source: Raycom Media)

Residents in Carbondale made the list for the top ten cities with the most credit card debt around the holiday season.

According the Wallet Hub, American Consumers estimated to have spent $656 billion dollars, most of which was on their credit card.

"The short answer will be stay away from using credit cards – easier said than done," financial advisor Monte Kuhnert said. "I use a credit card but I treat it like cash, pay it off each month. Every time I use it, I’m thinking this is something I’m going to pay when the bill comes due. I’m not deferring it, and deferring it.”

According to nerd wallet, the average household has a credit card debt totaling $16,000. However, that same household pays more than $1200 in interest per year.

"The problem starts right in here…we have to do a self-assessment and make determinations about whats really important in our lives and apply that financially," Kuhnert said. "That’s the root of it.”

“I think it’s the mindset of having to swipe the card and think about paying it later than paying it right away," shopper Charah McKenzie, said. 

The root of the problem is your mindset. 

According to Kuhnert, if you know what your paycheck, mortgage, insurance and food is, then create a budget. He also suggests to start planning and put away for Christmas now.

If you use the credit card payoff calculator and, hypothetically, if you have $16,000 in debt at 10 percent interest, you can pay it off by next January with a $1400 monthly payment.

"You can’t solve the problem all at once, but just a little bit at a time," Kuhnert said.

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