Buffalo Residents Have Almost $100 Million in Credit Card Debt
Buffalo residents are carrying almost $100 million in credit card debt. According to a study conducted by WalletHub, Buffalonians have $987,235,715 in outstanding credit card debt. Buffalo is ranked at number 174 out of 182 on the list of cities with the biggest credit card debt paydown, meaning we are doing pretty darn bad.
According to the WalletHub study data that was emailed to me about Buffalo, here are some highlights:
Credit Card Debt in Buffalo:
2021 Change in Household Debt: -$604
Average Household Debt: $8,940
2021 Total Change in Debt: -$66,732,866
Total Outstanding Debt: $987,235,715
Overall, credit card debt in the United States decreased by $56.5 billion during the first quarter of 2021, according to the study. Based on the data, many Americans are taking control of their credit card debt, but not us here in Western New York. Many people had to rely on credit cards during the height of the coronavirus pandemic after losing their jobs or having their income decrease. While Americans are making progress, we're still doing pretty badly overall, according to the study,
The country’s credit card debt problem is far from solved, however. We still collectively owe nearly $900 billion to credit card companies, and the average household balance remains too high, at $7,519.
I am no financial advisor, but I have learned some things over the years while working with Good Neighbors Credit Union. One method that they have talked about using to pay off credit card debt is the "snowball" method. It's where you start paying extra on your smallest credit card debt first, paying off smaller balances. Then take the money that was being used to pay those off and apply it to the next bigger balances and so forth. If you're one of the people who is trying to take control of your credit card debt, you can learn more about this method from NerdWallet.
WalletHub lists these tips to help you manage your credit card debt:
-Make a Budget & Stick to It
-Build an Emergency Fund
-Try the Island Approach
-Improve Your Credit
-Repay Your Most Expensive Debt First
-Evaluate Your Job Situation ~ NerdWallet