On average, millennials owe about $4,930 in credit card debt, according to the latest data from credit bureau Experian<\/a>.<\/p>\n But in some places, the average amount of credit card debt for millennials, who range in age from 26 to 41, is even higher.<\/p>\n In Alaska, for example, millennials carry an average balance of about $5,388, according to Experian’s 2021 study<\/a>, the most recent data available on the state level.<\/p>\n And despite California being one of the most expensive states to live in 2022<\/a>, it didn’t rank as one the top 10 places where millennials have a lot of credit card debt.<\/p>\n Here’s a look at the places where millennials carry the most credit card debt, on average, as of 2021.<\/p>\n<\/div>\n Although the current economic climate makes it difficult for many people to pay down their credit card debt, it’s particularly hard for younger consumers because they might be making less money than older age groups, Matt Schulz, chief credit analyst for LendingTree, tells CNBC Make It.<\/p>\n “They may have student loan debt. They don’t have much savings for them to fall back on. They probably don’t have stellar credit, which means the loans that they can get have crazy-high interest rates,” he says.<\/p>\n Plus, “with prices more than 8% higher than they were a year ago, it is perhaps unsurprising that balances are increasing,” researchers at the New York Federal Reserve wrote in their most recent report<\/a>.<\/p>\n<\/div>\n If you’re trying to pay down credit card debt, the best way to get started is by creating a budget that tracks your spending.<\/p>\n “You can’t make a meaningful plan to tackle credit card debt if you don’t know exactly how much is coming in and going out of your household each month,” Schulz says.<\/p>\n While there’s no one-size-fits-all way to pay down credit card debt, there are a couple of time-tested methods that can work.<\/p>\n If you’re motivated by small, early victories, try the snowball method<\/a>, Schulz says. With this strategy, you pay off your smallest balances first, which can motivate you to continue paying off your larger balances as well.<\/p>\n If you want to incur the least amount of interest, try the avalanche method<\/a>, Schulz says. With this strategy, you’ll pay off the credit card with the highest interest rate first so that interest charges don’t continue to accumulate, then move on to the second-highest interest rate, and so on.<\/p>\n Remember, there’s no wrong way to pay off credit card debt as long as you have a plan.<\/p>\n “The best method for you is the one that motivates you most and that you will stick to the longest,” Schulz says.<\/p>\n Want to earn more and work less?\u00a0<\/em>Register for the free CNBC Make It: Your Money virtual event<\/strong><\/em><\/a>\u00a0on Dec. 13 at 12 p.m. ET to learn from money masters how you can increase your earning power.<\/em><\/p>\n Don’t miss: <\/strong><\/em>Many young people prefer \u2018buy now, pay later\u2019 to credit cards \u2014 here\u2019s why<\/strong><\/em><\/a><\/p>\n<\/div>\nHow to tackle credit card debt<\/h2>\n
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