A recent study by Wallet Hub says credit card debt is growing, during the pandemic.
The study shows Americans owe $1 trillion in personal credit card debt and only paid off 38 billion of it in the first quarter of 2020. That’s less paid back on debt this year than at the same time last year.
We sat down with a local financial expert to see where consumers go wrong and how to fix it.
“Understanding the entire global picture of the debt load that’s out there will start to assist you in getting “out of the hole” so to speak. Trying to determine and come up with a plan is key when trying to solve or resolve any debt issues,” says Jersey Benson.
Benson also says when deciding whether or not to make a purchase, think about one simple question: is it a need or a want?