Common New Year's Resolution: Whittle Down Credit-Card Debt

Cover Image
Photo credit iStock / Getty Images Plus
By WBBM Newsradio 780 AM & 105.9 FM

(WBBM NEWSRADIO) -- It's a common New Year's Resolution: paying down credit card debt.

A recent study from the credit monitoring agency Experian found that the average credit card holder has a balance of $6,200.

If you want to eliminate your balance, you are not alone. Craig Bolanos, founding partner and CEO of the Wealth Management Group in Inverness, tells the WBBM Noon Business Hour it’s important to get interest rates under control.

He recommends consolidating credit card balances to one lower-interest card, or through a debt consolidation loan.

Bolanos says people who stick to the goal of paying down debt are typically successful.

"When we meet those families that are finally at the point where they say, ‘No more, no mas, I'm going to reassert control,’ time and time again those families are successful," Bolanos said.