Consumers added more than $32 billion in revolving debt in 2012, a recent CardHub.com study says. Overall, the U.S. populace owed credit card issuers more than $830 billion at the end of last year.
As good as that must be for the likes of Citigroup , which has seen sharp increases in consumer banking profits over the past two years, rising debt levels suggest that everyday shoppers haven't fared as well, says Tim Beyers of Motley Fool Rule Breakers and Motley Fool Supernova.
Fortunately, the indebted can take several practical steps to dig out. Principal among them, says Tim, who has also struggled with debt, is to use cash or charge cards as much as possible. That way, you're forced to pay your bill monthly.
Do you agree? Please watch the video to get two more of Tim's ideas, and then leave a comment to let us know the best financial advice you've received in your own battle with debt.
The article Financial Advice From a Fool Who's Struggled With Debt originally appeared on Fool.com.Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team and the Motley Fool Supernova Odyssey I mission. He didn't own shares in any of the stocks mentioned at the time of publication. Check out Tim's Web home and portfolio holdings, or connect with him on Google+, Tumblr, or Twitter, where he goes by @milehighfool. You can also get his insights delivered directly to your RSS reader.The Motley Fool owns shares of Citigroup. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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