Credit card debt continues to climb in the U.S. as experts expect people to lean on their cards to offset inflation, rising interest rates and for help with basic expenses like food and utilities.
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Rising prices could be detrimental to as many as 40% of Americans in households earning about $45,00 a year or less, according to recent analysis from NerdWallet. Elizabeth Renter, a data analyst for NerdWallet, said if you are in financial trouble or can’t make your minimum payment on your credit card, get help. The first place to turn is your credit card issuer.
“Credit card issuers have financial hardship programs that aren’t just for the pandemic,” Renter said. “So, whether you lose a job or bills just get out of control. Give them a call and they may be able to help reduce your payments temporarily.” If that doesn’t work, Renter said look for a nonprofit credit counseling or debt management firm that can help you make plans to tackle your debt.
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