OMAHA, Neb. (WOWT) – Americans are swiping the plastic now and worrying about the cost later, and that can have serious financial consequences.
According to the financial experts, household debt is increasing at a very fast pace partly because of increased credit card usage. Add to that Bankrate.com reports that credit card interest rates have soared to their highest level in years, nearly 20 %.
With the holiday shopping season about to kick into high gear, Sam Hohman, the CEO of the Credit Advisors Foundation in Omaha, says many consumers are on a collision course with lots of expenses and the need for quick money in order to spend, spend, spend.
She told 6 News, “If you are going to start Christmas shopping you are going to start increasing the balance on your credit cards. With the high rates you are in for a world of hurt in 2023.”
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