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Watch Live Back Newscasts & Replays LiveNOW from FOX YouTube FOX Soul News Back Local Texas National World You Decide Money The Defender Network Top 3 Takeaways FOX News Sunday Regional News Back Dallas News - FOX 4 News Austin News - FOX 7 Austin Morning News Back FOX Family Feast Making the Grade Finding Families Dr. Viviana Coles Healthworks Your Legal Questions Pets Weather Back Live Radar Tropical Weather Houston Heat Wave JD's Hurricane Gear Test Mondays with Mike ERCOT News Traffic Weather App Pump Patrol FOX Weather Sports Back Texans Rockets Astros Gamblers Dynamo Dash Friday Football Fever Player of the Week World Cup Mark Berman Farewell FOX 26 Shows Back Isiah Factor Uncensored The Nightcap The News Edge What's Your Point? Texas: The Issue Is Bayou City Buzz The First 15 FOX 26 Originals Back Breaking Bond FOX 26 Crime Files FOX 26 in Focus FOX Faceoff Sullivan's Smart Sense The Missing Parent to Parent Foodies and Friends Pet Pawcast Lunch for the Soul The Bike Lane TELL 26 Back Entertainment Back The Drop Backstage OL The Backstage Experience FOX PRIMETIME SHOWS Contests About Us Back Meet the FOX 26 Team Email Newsletter Jobs at FOX 26 & My20 Internship Opportunities Mobile App What's On FOX Contests KRIV/KTXH FCC Public File Closed Captioning FCC Applications Contact Us Back Close the sidebar Close the sidebar Fox ☰ CREDIT CARD DEBT HITS RECORD $1 TRILLION, YOUNG ADULTS HAVE HIGHEST DELINQUENCIES By Heather Sullivan Published 1 hour ago FOX 26 Houston Loading Video… This browser does not support the Video element. PAYING OFF CREDIT CARD DEBT Record $1 trillion in holiday credit card debt, and it's the young adults facing late payments. Get smart tips from consumer reporter Heather Sullivan on paying it down Houston - Credit card debt has reached new highs, hitting a record $1.08 trillion nationwide. Young adults are experiencing the most delinquent payments. Federal Reserve data shows the average credit card interest rate is 21%, while Transunion reports borrowers have an average of more than $6,000 in credit card debt. FOX 26 Houston is now on the FOX LOCAL app available through Apple TV, Amazon FireTV, Roku, Google Android TV, and Vizio! "I wasn't enjoying life anymore. You know, I wasn't happy about where I was. I wasn't happy with my credit score," said Regine Denerville. Denerville says she struggled to find a job after graduating from college in 2008 and gradually built up $20,000 in credit card debt. "What happened was everything became a necessity, not just eating out, but going traveling with friends to cities, and going to parties," Denerville tells us. Loading Video… This browser does not support the Video element. She turned to non-profit credit counseling agency Money Management International, which helped her set a budget and pay it all off in three years. MMI says it's currently experiencing a 33% increase in consumers reaching out for help with credit card debt over this time last year, and the total amount of debt that they have is climbing. "That's up from about $20,000 at the beginning of last year to almost $30,000 now," said Thomas Nitzsche with Money Management International. SUGGESTED: Self-checkout scam reported at Houston-area store Nitzsche says that's often on top of higher mortgage and auto loan debt, and the resumption of federal student loan payments. He says their most common clients have shifted from being middle-aged to young adults. "It typically just starts with a budget shortfall, right? Like they're just simply not making enough to make ends meet, which again, makes sense if you're earlier in your career," explained Nitzsche. File photo. (Photo By Jeremy Drey/MediaNews Group/Reading Eagle via Getty Images) MMI credit counselors work with creditors to reduce the total amount owed and the interest rates, and say they can usually help borrowers pay off the debt in three to four years. "Whether you work with the creditor directly or through a nonprofit credit counseling agency, they're often willing to reduce the interest rates sometimes really substantially, as low in some cases as 0%," said Nitzsche. SUGGESTED: Extended warranties, insurance for gifts; Should you buy them for electronics, jewelry? Regine says she avoids debt now, saving up first for purchases. "I stick to my budget of what is actually necessary. It really helped. I had goals that I looked at every single day. I said I'm slowly getting to my goals," said Denerville. Here are some steps that can help borrowers pay off credit card debt: Transfer the debt to a 0% balance transfer card. Ask your lender to reduce your interest rate. LendingTree reports that 76% of people who ask for a lower rate are successful, receiving an average reduction of 6%. Offer to settle the debt for a lower amount if you can pay the sum at one time. Seek help from non-profit credit counselor through the National Foundation for Credit Counseling. WATCH LIVE * Newscasts & Replays * LiveNOW from FOX * YouTube * FOX Soul NEWS * Local * Texas * National * World * You Decide * Money * The Defender Network Top 3 Takeaways * FOX News Sunday REGIONAL NEWS * Dallas News - FOX 4 News * Austin News - FOX 7 Austin MORNING NEWS * FOX Family Feast * Making the Grade * Finding Families * Dr. Viviana Coles * Healthworks * Your Legal Questions * Pets WEATHER * Live Radar * Tropical Weather * Houston Heat Wave * JD's Hurricane Gear Test * Mondays with Mike * ERCOT News * Traffic * Weather App * Pump Patrol * FOX Weather SPORTS * Texans * Rockets * Astros * Gamblers * Dynamo * Dash * Friday Football Fever * Player of the Week * World Cup * Mark Berman Farewell FOX 26 SHOWS * Isiah Factor Uncensored * The Nightcap * The News Edge * What's Your Point? * Texas: The Issue Is * Bayou City Buzz * The First 15 FOX 26 ORIGINALS * Breaking Bond * FOX 26 Crime Files * FOX 26 in Focus * FOX Faceoff * Sullivan's Smart Sense * The Missing * Parent to Parent * Foodies and Friends * Pet Pawcast * Lunch for the Soul * The Bike Lane TELL 26 ENTERTAINMENT * The Drop * Backstage OL * The Backstage Experience * FOX PRIMETIME SHOWS * Contests ABOUT US * Meet the FOX 26 Team * Email Newsletter * Jobs at FOX 26 & My20 * Internship Opportunities * Mobile App * What's On FOX * Contests * KRIV/KTXH FCC Public File * Closed Captioning * FCC Applications CONTACT US * Facebook * Twitter * Instagram Fox * New Privacy Policy * Terms of Service * Your Privacy Choices * KRIV/KTXH FCC Public File * EEO Public File * Closed Captioning * About Us * Jobs at FOX 26 & My20 * Contact Us This material may not be published, broadcast, rewritten, or redistributed. ©2020 FOX Television Stations