Inflation is causing more credit card debt
HUNTSVILLE, Ala. (WAFF) - Consumer debt in the United States is the highest it’s ever been as Americans are struggling to keep up with the high cost of living. The rise in inflation was triggered by the COVID-19 pandemic and caused a domino effect.
April James, a financial advisor for Redstone federal credit union, said it can be hard to budget when prices are high everywhere.
“It’s really hard during these times to say I’m not going to pay that much on groceries and pay for my gas when they’re both high,” James said.
James says that people have been using their credit cards as a crutch rather than a convenient option.
“People are turning to their credit cards to supplement that income so they can keep up with the rising costs that we have,” James said.
James says that the best way to start tackling debt is to form a financial plan, budgeting and paying off as much debt as possible early on will get people back on track.
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