DENVER — As paying for the essentials continues to feel like a struggle for many, Coloradans are taking on more debt than most Americans.
A recent survey from Consumer Affairs shows the average Coloradan holds a credit card balance of $4,720 as we enter the heart of the holiday shopping season. That's 10th most of any state in the country.
The survey analyzed data from the Federal Reserve of New York and showed the average credit card balance nationwide is $4,180.
Denver7 reached out to consumer spending expert Andrea Woroch to help you find the best ways to manage shopping season if you are carrying a balance.
“You should never go into debt to give a gift, and the reality is, no family member or friend wants you to do that,” Woroch said. “By having early conversations, that's the best way to set gift expectations. Maybe you try to suggest a new tradition by saying, let's just focus on the kids this year, or try to set up a Secret Santa.”
The Consumer Affairs survey found 17% of people are still carrying a credit card balance from last year’s holiday shopping season.
The area with the most debt on a credit card is Washington D.C. with an average of $5,360.
In a similar issue, Denver7 Investigates looked into an increase in complaints over debt collectors. Complaints about abusive or threatening debt collection calls have nearly quadrupled in the last year, according to a NumberBarn analysis of Federal Trade Commission data.
If you’re looking for deals, experts say one of your best tools can be AI, as it can scour the internet in seconds for you. Of course, take it with a grain of salt and double check ideas to make sure they're trustworthy options.
