skip to main content
skip to newscasts

Wednesday, June 12, 2024

Public News Service Logo
facebook instagram linkedin reddit youtube twitter
view newscast page
play newscast audioPlay

Republicans have put Merrick Garland in contempt; state legislators are missing people from working class jobs and FDA has advised for formulation of vaccine for new covid strain.

view newscast page
play newscast audioPlay

House Republicans vote to hold AG Merrick Garland in contempt of Congress. The Senate battles it out over federal protections for in vitro fertilization. North Dakota becomes the first state to impose an age cutoff to run for Congress.

view newscast page
play newscast audioPlay

Rural America's job growth is up, but still hasn t recovered from the pandemic, about one in five rural Americans live in a town with a prison, rural women seeking birth control have a new option and dark skies beckon as summer arrives.

Report: More Ohioans Rely on Credit Cards for Basic Needs

play audio
Play

Monday, March 27, 2023   

More than one in three Ohioans are relying on credit cards for spending needs, and nearly a quarter say they've increased their credit-card use in response to cost-of-living increases, according to a new report.

Michael Welker, editor of Upgraded Points, a website tracking credit-card reward and travel programs, explained when the pandemic began, people spent less and got a financial boost from stimulus checks, leading to lower credit-card balances overall. Now, persistent high inflation is causing many to use credit to cover basic household expenses.

Welker said it poses a risk as interest rates rise.

"As you carry over balances month to month, and interest starts to accrue, potentially it's going to be even harder to pay down your debt," Welker advised. "That's going to be even more pressure, in terms of covering your household expenses."

The Consumer Financial Protection Bureau has proposed new regulations which would, among other changes, cap late fees for credit-card payments at 25% of the minimum payment amount. The agency is taking public comments about its proposal until April 3.

According to the report, nationwide more than 95% of people with annual incomes below $75,000 said they are feeling stressed about inflation. Welker recommended using credit cards only when needed to meet basic expenses, and shifting habits instead to reduce dining out, entertainment and other leisure spending.

"Be more mindful of your spending," Welker suggested. "Figure out where you might be able to cut or trim back, find less expensive alternatives."

He added consumers may soon feel relief as the federal government works to combat inflation, but only those who rein in their credit-card use.

"The Fed is still raising interest rates trying to tame inflation," Welker pointed out. "Potentially, at some point later in the year, we finally start to see that come down to a more manageable level."

In another survey, by Clever Real Estate, 40% of Americans believe high prices are the "new normal," and 62% say they expect everyday prices will be even higher this year.

Reporting by Ohio News Connection in association with Media in the Public Interest and funded in part by the George Gund Foundation.


get more stories like this via email
more stories
South Dakota loses up to 100,000 acres of grasslands annually, according to the South Dakota Grassland Coalition. Grassland bird species are declining faster than any other group on the continent. (Gregory Johnston/Adobe Stock)

Environment

play sound

About 1.6 million acres of Great Plains grasslands were destroyed in 2021 alone, according to a recent report, an area the size of Delaware. One …


play sound

The University of Wyoming is scrambling to address a major funding cut state legislators passed in a footnote to the state budget. During this …

Social Issues

play sound

Federal student loan interest rates have surged to their highest levels in over a decade, posing yet another challenge for Missouri students and …


Health and Wellness

play sound

A North Carolina woman is highlighting how important knowing your family history can be in matters of the heart. According to the American Heart …

Environment

play sound

Walk through a store or schools, and there's a chance the overhead lighting will come from long fluorescent tubes. Minnesota is taking steps to phase …

Social Issues

play sound

Despite a handful of concerning results for child well-being in Minnesota, one policy expert says the state is well positioned to make structural …

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright 2021