Americans $900 billion in credit card debt
Save Email Print
Updated: 6:49 PM Oct 30, 2008
Americans $900 billion in credit card debt
SHERMAN, TX ― 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.
Posted: 6:22 PM Oct 30, 2008
Reporter: Rashi Vats
Email Address: rashi.vats@kxii.com
Font Size:

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.


Doppler 12 Radar
AP Video on KXII
In The Community
Glow Fest takes to the skies in Anna

Last Updated: 5:11 PM 11/06/09 - ANNA, TX -- There will be some larger than life aircraft in the skies over Anna this weekend. Josh Stevenson files this report on the goings on at the Anna Glow Fest Friday morning. (Full Story)
Fright Fest highlight of the weekend

Last Updated: 11:12 PM 11/01/09 - Halloween trick-or-treaters are probably counting their candy hauls by now. But earlier this weekend families were out in the thousands to celebrate on Sherman's Municipal lawn. (Full Story)
Flu concerns affect Halloween

Last Updated: 9:39 AM 10/30/09 - SHERMAN, TX -- Forget the monsters, ghosts and goblins, this Halloween the real scare is potentially spreading the H1N1 flu virus. Parties and trick or treating are just more opportunities for flu germs to reach more children. (Full Story)
Calvary Baptist Church Fall Festival

Last Updated: 7:19 AM 10/27/09 - Calvary Baptist Church is hosting their fall festival Saturday October 31 from 5:00pm-8:00pm at the church 300 West Acheson St. (Full Story)
New charity helps kids in Texoma

Last Updated: 10:59 PM 10/25/09 - Denison, TX - A new charity in Texoma kicked off its first fundraiser today in Denison, and that means more children and their families could be getting the help they need. (Full Story)
More Headlines