(WTRF) – Credit card debt is on the rise for millions across the country and many experts say that’s not good.
A recent survey from business.org shows since the start of the pandemic, credit card debt increased for as many as 62% of Americans. It also showed many are worried about making their next payment.
The study found industries showing increased spending include sporting goods, garden equipment and electronics.
The Monteverde Group Managing Director Jason Haswell explained it’s important to pay off any excess credit card debt as quickly as possible. He suggests putting together a budget and paying above the minimum payment if possible.
At least make the minimum payments because if you don’t then it starts eating away at your credit score. Then you have other issues if you have to go back and get a loan for something else. If your credit score is low you might not get approved.Jason Haswell, Managing Director, The Monteverde Group
Haswell said a low credit score could also impact employment opportunities, since most employers run a credit check before hiring. He suggested using any extra money from sources such as tax returns could help pay off debt more swiftly.