If you’re saddled with too much credit card debt, you’re not alone—far from it. A recent study based on Federal Reserve and Census data found that 38% of households carry a credit card balance, and that their average balance is $16,048. When you consider that the median household income is $55,775, it’s pretty clear that credit card debt is a problem for many people.
Since the amount you owe determines 30% of your FICO score, reducing your debt can improve your credit. Here are a few tips on how to be a smart credit card user.Read more