O’Leary's advice is to simply track your spending. “Take a piece of paper, you don’t need a computer, write down the money you made in 90 days and how much you spent during that same period," he said in an interview with local Fox morning show "Good Day New York" earlier this week.
Don't Miss:
- Many are surprised by Mark Cuban's advice for lotto winners: Cash or annuity?
- The average American couple has saved this much money for retirement — How do you compare?
Most people are shocked to find they're spending more than they're earning. And where does that excess spending end up? On credit cards. With interest rates hovering around 21%, carrying a balance is like pouring money down the drain. O'Leary calls it "the silent killer" of American finances, and he's not exaggerating.
Credit card balances, which now total $1.17 trillion outstanding, increased by $24 billion during the third quarter alone and are 8.1% higher than they were a year earlier. These figures underline just how deeply entrenched credit card debt has become in American households.
Trending: Can you guess how many Americans successfully retire with $1,000,000 saved? The percentage may shock you.
Mark Cuban's Take
See Also: Are you rich? Here’s what Americans think you need to be considered wealthy.
Credit Cards Aren't Always the Villain
Read Next:
© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
To add Benzinga News as your preferred source on Google, click here.
