(NewsNation) — Americans owed $1.13 trillion in credit card debt in the fourth quarter of 2023. Certified financial planner Shinobu Hindert joined NewsNation’s “Morning in America” with tips on how to tackle growing credit card debt.

“Some of the biggest mistakes people make is not examining their spending. When it’s pressure like this, a lot of people may bury their head in the sand, and they try to go at it alone. It’s important to reach out for resources, talk to people that you trust, like a financial adviser. Also not closing credit cards after you pay them off. That’s a big mistake,” Hindert said.

Hindert explained there are generally two ways of paying off credit card debt, the “avalanche approach” and the “snowball approach.”

The avalanche approach is about paying off debt that accumulates interest more quickly and will always be more efficient than paying off lower-interest debt first. This is the most financially sound method of debt management.

Another way, known as the “snowball approach,” considers the psychological rewards of paying off small debts first, which can boost morale, before tackling larger debts. Some financial counselors see this method as more motivating.

“If you’re in a situation that you cannot make your minimums each month, contact your lender, and you may be eligible for any kind of relief or assistant programs,” Hindert said.

The average interest rate on a given credit card is now roughly 21.5%, the highest it’s been since the Federal Reserve started tracking rates in 1994.

“Examine spending. There’s a lot of people that are just saying “I’m going to go out to have my coffee, I’m going to go out to dinner anyway” because they don’t care. So take a look at it and really see what can be cut out because it’s going to cause some pain for you in the future as well,” Hindert explained.