FRESNO, Calif. (KFSN) — New consumer credit data analysis from the Century Foundation and Protect Borrowers shows one in eight credit card holders is delinquent on at least one account.
“It is everyday use,” says Certified Financial Therapist and CEO of The Academy of Financial Education, in Fresno, Samuel Molina. “It’s just getting by, paying for groceries, buying gas, whatever the family needs.”
Molina says this goes beyond financial literacy.
“Their jobs are not keeping up with the rate of inflation,” he said. “More and more people are using their credit cards to survive, and the war with Iran is not helping, as you see gas prices continuing to increase. It’s making it more difficult for people to take charge and really regain control of their finances.”
Those balances accumulate interest if not paid off.
“When it comes to credit card interest rates, we know that they’re about 15 percent to as high as 30 percent, so it doesn’t make it any easier for folks to survive,” Molina said.
But Molina says that’s negotiable.
“Speak to their lender first before they start missing payments,” he said. “Maybe negotiating on that interest rate, bring it down to half.”
He went on to say High Yield Savings Accounts or Money Market Accounts are a great way to save some extra money, using the high interest rates to build and retain value.
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