Illinois’ Average Credit Card Debt Will Shock You

I knew Americans were in debt, but I had no idea how much until today.

According to some recent data from Credit Card Local, a comprehensive local credit card guide, Illinois has an average of $5,166 in credit card debt.

When you think about it, ringing up $5,000 on a credit card can be done in seconds, especially if you have major home or auto repairs.

WHERE DOES ILLINOIS RANK AMONG THE NATION FOR CREDIT CARD DEBT?

The average credit card debt in The Land of Lincoln is 4% greater than the national average of $4,965.

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Overall, Illinois ranks 15th in average credit card debt across America.

CONTROLLING DEBT IN ILLINOIS

Having high-debt credit cards traps buyers and shuts down any potential buying power they might have.

BANK OUT OF BUSINESS?:  A major American bank announced closures in Illinois & Wisconsin

Getting stuck in an endless cycle of "minimum payments" will make saving for one's financial future more challenging.

HOW TO TAKE CHARGE OF CREDIT CARDS

Luckily, there are some things we can do to kick credit card debt to the curb, like:

• Creating a realistic budget will help identify spending and cut back opportunities.
• Negotiate interest rates with your credit card company.
• Consolidating any outstanding debt of high-interest credit cards into low-interest loans

If possible—and it's a huge if—avoid credit cards generally.

You will live debt-free by owing zero to lenders; the hard part is getting there.

To help you get started, here are 25 ways to save money today.