AMARILLO, Texas (KAMR/KCIT) — American credit card debt reached $925 billion dollars in the third quarter of 2022, according to Forbes.

With consumers tempted to swipe or tap credit cards during the holiday, it is not the best option to help with individual credit card debt.

“It comes down to wants and need and when you’re buying presents for people everybody wants to get people a nice gift but that might not be the year for that,” said Heath Stevens, Amarillo National Bank Vice President Branch Manager. “So it’d be a good idea to know what they have available and what their financial situation at the current time looks like.”

According to Forbes, the rising debt can be attributed to high-interest rates, high product pricing and low return on investments.

For first-time credit card owners Stevens said it is important to be responsible.

Stevens continued, “Make sure you pay it off every month. Again don’t buy things you don’t need, kind of have a plan. The first time they get a credit card they think I’m going to pay it off every month and then they don’t. Be responsible with it.”

According to Stevens, people looking to pay off debt must first identify where their money is going and make more than the minimum payment if they can.

“They need to be making bigger payments, maybe pick one,” stated Stevens. “Try to knock them down one at a time maybe while you’re doing that not adding more credit card debt. Other ways to pay it off you can come to a bank and get more of an installment loan where you know exactly what you’re going to pay in interest, and you will have a date when it will be paid off.”