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Thursday, June 1, 2023

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Alabamans urge a grocery tax reduction, a tape shows Trump knew about a classified document on Iran, Pennsylvania puts federal road funds to work and Minnesota's marijuana law will wipe away minor offenses.

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Democrats say a wealth tax would help alleviate some national debt, lawmakers aim to continue pandemic-era funding for America's child care sector, and teachers say firearms at school will make students less safe.

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Oregon may expand food stamp eligibility to some undocumented households, rural areas have a new method of accessing money for roads and bridges, and Tennessee's new online tool helps keep track of cemetery locations.

Credit Card Debt Storm Hangs Over U.S. Consumers

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Thursday, March 9, 2023   

Credit card debt in the U.S. is now at record levels. While those struggling to keep up might feel paralyzed, counselors say it's important to seek out solutions right away.

The New York Federal Reserve Bank's recent quarterly report on household debt noted credit card balances jumped to $986 billion, surpassing the pre-pandemic high of $927 billion, even after pandemic relief and higher wages helped some people build a cushion.

Bruce McClary, senior vice president of membership and communications for the National Foundation for Credit Counseling, said with factors such as inflation, people are having to lean on their credit cards more, and it comes at the worst possible time.

"These balance increases are happening at a time when credit card interest rates are at an all-time high," McClary pointed out. "The average interest rate right now is somewhere around 20%, which is mind-blowing."

McClary advised if your budget is starting to unravel because of credit card bills, do not wait to seek help, because it can only complicate things if the debt is passed along to collection agencies. Nonprofits like his provide access to counselors who are geared to assist low- to moderate-income individuals. Initial consultations are often free, and fees can be waived for those eligible.

McClary emphasized in seeking out help, the standard red flag of "if it appears too good to be true" still applies.

"Companies that say they know secrets that help them achieve those results that nobody else knows," McClary explained. "The truth of the matter is it isn't that easy, and it's not always something these companies can deliver on."

He added you should never agree to pay an upfront fee before any steps are taken to address your debt situation. Meanwhile, groups such as AARP have financial tools on their website to help people manage their budgets, plan for retirement and avoid money traps.

Disclosure: AARP North Dakota contributes to our fund for reporting on Civic Engagement, Community Issues and Volunteering, Health Issues, and Senior Issues. If you would like to help support news in the public interest, click here.


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