SHERMAN, Tex. ― With rising prices of just about everything and the holidays just around the corner, many Americans are using their credit cards more than ever. Even some people with good credit are having a hard time paying off their credit cards. Rashi Vats joins us now in the studio to tell us just how deeply we're in debt.

The credit crunch that is in large part behind the bust on Wall Street is also causing trouble for Texomans with thousands of dollars of debt.

One financial advisor we spoke to who has some tips on how you can reduce your debt.

Americans are in more credit card debt that ever ― $900 billion worth. Experts say it is to the point that even people with good credit who have always paid their bills on time are defaulting on their balances.

Financial advisors in Texoma say the solution ultimately lies with the banks and credit card companies who need to enforce stricter requirements when it comes to who qualifies for credit cards.

"We’ve seen that anyone that can fog a mirror can get a gold card, and I think we may see that beginning to go where it was somewhere in the 80s. It may not go as extreme, but I think we're actually going to be checking people's credit history before we offer them a large credit line," Edward Jones financial advisor John Mabary says.

Financial experts say that the best thing to do is look at the fine print for all credit cards you apply for, especially how much interest you will be paying. They say getting a credit really is just shopping around for the best deal. They are out there ― you just have to find them. They also advise you to pay as much as you can on your balance each month.