DAVE & DUJANOVIC

Credit card debt stands at almost $1 trillion, expert weighs in

May 16, 2023, 7:30 PM | Updated: Jun 30, 2023, 3:04 pm

SALT LAKE CITY — Credit card debt in the United States now stands at almost $1 trillion, according to CNBC.

It’s a topic that Dave Noriega and Debbie Dujanovic discussed Wednesday on Dave & Dujanovic. An obvious question to the problem is, how do we stop spending?

“One with 12 zeros, that’s what a trillion dollars of credit card debt looks like,” Noriega said. “We love debt. (And) we don’t just love credit card debt. We love that as well, but we love it the least with all the other debts that we love in our life.”

Deseret Mutual Benefit Administrators Certified Financial Planner Shane Stewart joined the program to talk about the situation.

Tricks to stop the credit card debt

Dujanovic opens the discussion by asking, “What are the mental tricks that we can use on a daily basis to stop allowing ourselves and giving ourselves permission to put our purchases on a credit card?”

“There are two issues,” Stewart said. “One would be a behavior issue and the other would be a mentality issue.”

With behavior issue, Stewart says, an individual must know if they can afford the purchase when they pull the credit card out. 

With mentality, Stewart says, don’t assume you can pay it off.

“What if you a lose a job?” he asked. “What if things change in the economy? There are a lot of issues that should be going through your mind.”

Noriega asked, “I can see how you can scale back easily going out to a restaurant on a Thursday night. …I can’t change the price of eggs. I can’t change the price of milk. So, what do I do?”

“We’ve had the economy so good for so long that we’ve been accustomed to eating out on Thursday and probably Friday and probably Saturday,” Stewart said. “And things are becoming more expensive. It’s the perfect storm to get us in trouble.”

Knowledge and communication

Dujanovic asked, “Is it possible that people keep spending can’t get a handle on their credit card debt because they don’t actually know how much debt they have overall? And if they’re married, they haven’t bothered to compare notes with their spouse.”

“Absolutely,” Stewart said. “The lack of communication actually is the biggest problem we see with debt and with spending. If you don’t know how much you’re spending, if you don’t have a good grasp of how much is going out the door for certain categories, and especially if you don’t know how much debt you actually have, it’ll just be a never-ending cycle.”

Listen to the entire segment here.

 

Read more:

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Dave & Dujanovic

With President Donald Trump moving to abolish the Department of Education, how will it affect Utah'...

Devin Oldroyd

How would education in Utah be affected if Department of Education is abolished?

With President Donald Trump moving to abolish the Department of Education, how will it affect Utah's public and higher education systems?

4 days ago

FILE - A portion of the 1040 U.S. Individual Income Tax Return form is shown July 24, 2018, in New ...

Simone Seikaly

Survey reveals youthful (and not so youthful) misconceptions about tax filing

Twenty percent of the people surveyed by Talk Research didn't think students need to worry about tax filing.

7 days ago

A Utah law maker wants to protect kids by mandating that they should get a cut of the money made fr...

Diana Jones

Dave & Dujanovic: Utah proposal to bring new protections for ‘Kidfluencers’

A Utah law maker wants to create protections for 'kidfluencers' by mandating kids get a cut of the money their parents make when filming their children to earn an income through social media. 

12 days ago

Federal employees get "Fork in the road" email...

Jacob Freeman

‘Fork in the road’: Federal employees offered pay if they quit

Millions of federal employees got an email with the subject line, "Fork in the road." The content: President Trump extended an offer to employees to take eight months' pay in exchange for leaving their jobs.

12 days ago

model at air taxis in utah memorandum signing...

Alexandrea Bonilla and Sam Herrera

Air taxis in Utah are one step closer to reality

Air taxis in Utah aren't too far off. Utah's governor met with the leaders of two tech companies on Tuesday to signal the state's investment.

14 days ago

The Utah Hockey Club acknowledges the fans after the win as they open their inaugural season with a...

Devin Oldroyd

Utah Hockey Club faces challenges with name trademarks

The search continues for an official name for the Utah Hockey Club after 'Utah Yetis' rejected by U.S. Patent and Trademark Office.

15 days ago

Sponsored Articles

Full speed through the snow. A man on skis is pulled by his through the snow at full gallop Skijori...

Bear Lake Convention and Visitors Bureau

Get ready for an unforgettable skijoring adventure in Bear Lake!

“Skijoring the Bear” takes place this year on February 21-22 in Garden City, Utah.

the bedroom in a geodesic dome shows the night sky...

Clear Sky Resorts Bryce Canyon

Your front row to an extraordinary cosmos show

As America's first glass dome stargazing resort, Clear Sky Resorts Bryce Canyon is one of the world’s most unique and spectacular places to stay.

2 people huddled up in a blanket and warm clothes sipping hot chocolate...

Bear Lake Convention & Visitors Bureau

The best ways to spend your Christmas vacation in Bear Lake

If you're dreaming of a white Christmas this year, Bear Lake should definitely be on your radar. Read this guide for more!

big crowd of people under holiday lights in an outdoor market...

Western Nut

Our favorite family Christmas activities in Utah

We gathered up a list of our favorite activities, movies, and treats to try this holiday season that the whole family can enjoy.

an IT tech looks at a laptop in front of a server network...

Comcast Business

Tips to protect yourself from phishing attacks

Check out this resource from Comcast Business to learn more about phishing attacks and how to protect yourself from becoming a victim of one.

A surprise gift, wrapped and ready to bring holiday cheer! Whether for Christmas, a birthday, or an...

Western Nut

10 Holiday Gift Ideas to cover everyone on your list

This guide is for you if you need holiday gift ideas that will make a lasting impression. 

Credit card debt stands at almost $1 trillion, expert weighs in