TAMPA, Fla. — If you're feeling stressed out over credit card debt, you are not alone.
America's total credit card debt just blew past the $1 trillion mark for the first time ever. And lots of Florida cities, including some here in Tampa Bay, are on the list of areas where folks owe the most.
“I think this really speaks to the cumulative total of inflation and also the cumulative total of higher interest rates,” Bankrate Senior Analyst Ted Rossman said.
In other words, people are increasingly whipping out plastic to pay for daily essentials, like food, gasoline and clothing in addition to bigger expenses like car payments, auto repairs and medical bills.
“And they can't necessarily afford them,” MoneyWatch financial expert Megan Cerullo said. “So, they are carrying a balance from month to month. Because they can't pay it off.”
Experts say America's credit card debt could grow even more when student loan payments resume in October, leaving millions of people with even less cash on hand. A recent WalletHub survey of nearly 200 regions found the highest debt increase was in California, but Florida is also feeling the pinch.
Orlando made the list at 22. Miami came in at 47 — and Tampa was close behind at 51.
While there is little anyone can do about inflation and higher living expenses, experts do you have some suggestions when it comes to reigning in that credit card debt.
“My top tip would be to get a 0% balance transfer credit card,” Rossman said. “Move your existing high-cost that over to this new card. The 0% promotional rates last up to 21 months. And that could be a tremendous tailwind to help you get out of debt.”
Other ideas include using a debit card so you pay as you go.
Also, try to negotiate with your credit company to lower your interest rate. Experts say it's surprising how often they will do so just for asking.