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Credit card debt on the rise: Here’s the ‘best weapon in your arsenal’ to fight it
‘Best weapon’ against credit card debt is a zero percent balance transfer card: Matt Schulz
LendingTree chief credit analyst Matt Schulz discusses Americans’ credit card spending during the holiday season, arguing people are still handling their business pretty well despite inflation and rising interest rates.
As American debt continues to pile up, one credit card expert advised consumers to curb spending and fight it before things get worse.
"We've seen that inflation may be leveling off, but is still certainly an issue," LendingTree chief credit analyst Matt Schulz said on "Mornings with Maria" on Tuesday. "So whatever you can do to try and knock down that credit card debt, you should do, because if you do nothing that debt you have is only going to get more expensive."
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According to a LendingTree report, holiday credit card debt dropped a single percentage point in 2022 to 35% from the previous year. However, the amount of debt incurred rose 24% averaging $1,549.
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