(KUTV) — The Federal Reserve Bank of New York reported that household credit card debt went up by $71 billion in the first quarter of 2022 compared to the first quarter of 2021.
With high inflation, people who are already struggling to pay off debt — or pay basic bills — could end up in a big financial bind if they use credit cards to pay for goods that are more expensive due to inflation.
For people already burdened by debt, including credit card debt, a financial counselor is a good option. . . .
Sam Hohman, board member of FCAA and CEO of Credit Advisors Foundation, said professional financial counselors can put people on a debt management plan that has a lower interest rate.
“That can help you tackle debt and pay it off much quicker,” Hohman said.