HONOLULU (KHON2) — According to LendingTree, Americans have a total debt of $986 billion.

The national average credit card debt per person is roughly $7,279; however, Hawaii residents are holding an average of $8,556. LendingTree shows that since the third-quarter of 2021, American debt has increased by 15%; the largest year to year jump in more than 20 years.

In hopes of helping Hawaii residents manage debt, Lifestyle Wealth Management has provided a list of tips below:

• Consider combining credit card debt. Rollover and combine your debt to take advantage of low-or-no interest introductory offers. You should only do this, however, if you plan on paying off the debt before the offer expires or if the interest rate is lower than your current one.
• Utilize the snowball method. This is done by listing debts from smallest to largest. Make minimum payments on all debts, but pay as much as possible on your smallest debt. Repeat until each debt is paid in-full.

• Utilize the avalanche method. Like the snowball method, the debt avalanche method encourages you to make minimum payments on all debts but to put additional funds towards the debts with the highest interest rates.
• Remember to pay your bills on-time. Paying your bills on time will help you avoid unnecessary penalties and fees. It will also help improve your credit score. Set up automatic payments to help you stay on top of charges.
• Avoid new credit. While you may be approved for new credit, if you’re already trying to paydown current debt, you shouldn’t add new debt. Applying for new credit also lowers your credit score.

For more information on debt statistics click here.