- One neighbor in Mason shares their experience with credit card's.
- Experts say since the COVID-19 Pandemic, credit card usage and balance have increased.
- Video shows what local experts have to say and tips to lower credit card debt.
(The following is a transcription of the full broadcast story)
Grace Lowell, an MSU student and full-time employee at Bestsellers in Mason, juggles her work and financial struggles.
"I'm a little over a thousand dollars in debt," she says.
Lowell relies on her credit card for necessities like car payments, a situation many neighbors face.
Jim Hunsanger, Chief Risk Officer at MSU Federal Credit Union, explains that the trend is widespread.
"National trends are showing that consumers are increasing their credit card balances, now topping 1.4 trillion dollars," he says.
This issue is also felt locally.
"Average balances are increasing nationally and here in Mid-Michigan," Hunsanger adds.
As holiday shopping approaches, Hunsanger advises starting with a plan.
"Create a budget—know what’s coming in and how much debt you need to pay off."
Lowell says she's ready to tackle her debt.
"If I save for a couple months, I think I can pay it off," said Lowell.
Here are expert tips to reduce debt:
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