TULSA, Okla. — Oklahomans with a credit card balance carry an average of nearly $5,800 in credit card debt, and nearly half of Americans carry a balance, according to the Federal Reserve.
As the second half of the year begins, it's a good time to take stock of credit card debt — and the mistakes that can make it worse.
At LaFortune Park in Tulsa, consumers shared the missteps that cost them.
"I think a lot of people think, oh, I'll just put it on the credit card," Erika Salmeron said.
Rebekah Brown said when she first got credit cards, spending was easy — but paying it back was not.
"Most of the time when you spend the money it's really difficult to get it paid back," Brown said.
Whitney Ruggles learned that lesson through her credit score. Her repayment history dragged the number down. A lower score cost her more than just paying off credit card debt.
"Well, you have to pay a higher interest rate on your car payment. You pay a higher interest rate on anything that they give you so you pay more money," Ruggles said.
Ruggles added that she is working to rebuilding her credit score by paying off her credit card debt.
"Absolutely, but I'm building it back," Ruggles said.
Brown also warned about the importance of reading the fine print before opening a new card.
"Make sure you look and look at the rates because that makes a big difference. And I was just telling my daughter the other day, who she's 20 so she's learning to build her credit, I said, you know, most of the time when you get a credit card, people borrow money because they don't have the money to spend it, although using credit is good because it builds your credit score. And you know the world revolves around your credit score these days. However, most of the time when you spend the money, it's really difficult to get it paid back." Brown said.
If a card balance is ballooning, NerdWallet Credit Card Expert Sara Rathner said there are steps consumers can take to bring it back down. She recommends starting by asking your card issuer to lower your interest rate and doing your best to make more than just the minimum payment each month.
For those with good or excellent credit, Rathner said a balance transfer card could offer significant relief.
"If you have good or excellent credit you might be able to qualify for a card that has a 0% interest promotion for a long time, typically 12 months to nearly 2 years. And if you're able to pay down your balance before this no-interest promotion expires, you could potentially save hundreds or even thousands of dollars in interest. And ideally get yourself out of debt," Rathner said.
Rathner also recommends changing spending habits. Instead of reaching for a credit card, using a debit card or cash can help consumers think twice about a purchase while avoiding the possibility of racking up more interest charges.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
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