Credit card debt reaches new high; expert shares tips to avoid mistakes

MILWAUKEE (CBS 58) -- Credit card debt in the U.S. has reached a staggering $1 trillion, a first in recorded history, as many Americans grapple with rising interest rates and inflation. Amidst these financial pressures, Tony Drake from Drake and Associates joined us to speak about the challenges on Monday, Oct. 30.

Drake highlighted four common mistakes that individuals make with their credit cards: only paying the minimum balance, missing payments, carrying a high balance and opening numerous accounts.

He emphasized the importance of understanding the long-term implications of these actions, such as the exponential growth of interest and negative impacts on credit scores.