CHICOPEE, Mass. (WWLP) – We are hearing from financial experts as high inflation is only making credit card debt worse for many Americans.
Experts at Northwestern Mutual tell us, credit card debt is impacting people who have not seen their income move up as quickly as the rising cost of everything else. They recommend asking for help from a financial coach or advisor to learn to better manage your debt.
Zero-percent balance transfers, personal loans for debt consolidation, home equity loans or lines of credit can help you manage the interest rates on your debt and climb out of it faster.
Darren James, Financial Advisor at Northwestern Mutual, telling us, “It’s about getting back to your budget. Look at your cash flow and go ‘hey, what actually got me in to debt?’ Because if you don’t attack this from the root, it may happen again.”
In addition to credit card debt, student loan payments resume in August. Financial experts say now is the time to re-assess your cash flow and budget to factor in your loan payments.