CHARLOTTE, N.C. — When it comes to talking about millennials and debt, the main topic is usually student loans, but a new report from LendingTree shows an even greater share of millennials being saddled with credit card debt.
The numbers don't lie. A LendingTree survey found that 67% of millennials say they have credit card debt compared to 36% having student loans. This has left many people asking, "Where's the money?"
WCNC Charlotte is always asking "where's the money?" If you need help, reach out to WCNC Charlotte by emailing money@wcnc.com.
LendingTree says while student loan debt might not be the most common debt millennials have, it’s definitely adding to the pressure many millennials have. With student loans, credit cards, mortgages and auto loans, paying off debt can feel impossible.
But experts say you shouldn't throw in the towel when it feels like you're swimming in debt and struggling to stay above water. Instead, take action immediately.
These three tips can help lower your credit card debt and help you get ahead of expensive bills:
Make a budget: A budget is a spending plan and will help you distribute the income you earn each month. LendingTree says keeping track of your money can help curb overspending, and in return, you’ll be able to put more cash toward debt.
Reduce expenses: Once your budget is in place, take a serious look at areas where you can reduce your expenses. Consider cutting your landline or perhaps one or more of your streaming memberships.
Find some way to bring in more income with a side hustle or second job: Your main job might not be enough to cut through some of your student debt. So look for opportunities to pick up a second job, increase your hours at work or start a side hustle. Every little bit helps when it comes to paying off debt.
WCNC Charlotte's Where's The Money series is all about leveling the playing field in the Carolinas by helping others and breaking down barriers. WCNC Charlotte doesn't want our viewers to be taken advantage of, so we’re here to help. Watch previous stories where we ask the question “Where’s the Money” in the YouTube playlist below and subscribe to get updated when new videos are uploaded.