PHOENIX — Americans are carrying nearly $19 trillion in household debt, including more than $1.2 trillion in credit card balances alone, according to data from the Federal Reserve Bank of New York.
For consumers feeling the squeeze, financial expert Ted Rossman say getting out of debt starts with understanding where your money is going, and avoiding strategies that simply move debt from one place to another.
For consumer John Peran, staying out of debt starts with prioritizing spending.
“If you have a good thought process to know what you need against what you want, then you balance out your life,” Peran said.
Abraham Hamdan says that can be increasingly difficult for younger Americans facing higher everyday expenses.
“It’s just with…