Americans are drowning in debt — $1.2 trillion, as of the second quarter of 2025, according to the Federal Reserve Bank of New York. That staggering figure is up 5.87% from last year. Factors for the rise in debt include economic conditions, inflation and consumer spending habits. But no matter the reason, people need relief.
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One way to help manage credit card balances that finance experts swear by is the 20% rule. “[A rule that] recommends keeping long-term debt to no more than 20% of your annual income, and keeping short-term debt to no…