The COVID-19 pandemic had an impact across the world, and it affected people in many different aspects of their lives, including their budgets.
Financial Advisor, Eric Stoffel explained that inflation added to the stress, and left some people looking for another way to pay their bills, like credit cards.
State Economic Forecaster at the Arkansas Economic Development Institute, Michael Pakko, says inflation has increased credit card interest rates in the country by about 2.5% over the course of this year and explained there is little chance of this changing within the next several months.
Stoffel suggest avoiding taking on additional credit card debt for the time being saying it will take more time and more money to pay of the same amount of debt now as it would have last year.
Read the full article from THV11 here.
