Money

Here's how much the average US family has in credit card debt

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Americans owe a lot in credit card debt: More than $1 trillion. That's greater than the GDP of all but 15 countries.

When it comes to individual households, the average American family owes $8,377. That's according to personal finance site WalletHub, which analyzed 2016 credit card debt trends in a recent report.

As the chart shows, the average credit card debt per household is on an upward trend — it jumped six percent in the past year — and is now as high as it was during the Great Recession.

Chart asset: credit card debt

If you're one of the hundreds of millions of Americans with outstanding credit card debt, you'll want to start tackling it right away.

It's usually in your best interest to pay more than your minimum payment each month. In doing so, you'll reduce the length of your loan and the amount you pay in interest, which can end up costing a fortune in the long run.

To free up cash to divert towards your debt, read up on money saving strategies from super-savers or consider increasing your income with a side hustle or part-time job.

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