The high cost of living has led consumers to rack up credit card debt, now at an average of 24% APR.
FOX 26 Consumer Reporter Heather Sullivan has some smart sense on why credit card debt is on the increase.The high cost of living has led consumers to rack up credit card debt, compounded by record interest rates now averaging 24%. And data shows young adults are struggling the most.
"My wife and I, when we were younger before we had kids, we were living like 20-somethings, going out to eat a lot, buying things we didn’t need," said Derek Vaughn."I remember being on the verge of tears a couple of times, trying to talk to creditors, and them not really wanting to do much for me," said Vaughn."They negotiate with the creditor on your behalf. The interest rates on everything get lowered significantly," explained Vaughn.
"We can consolidate those monthly payments into one and work with your existing creditors to reduce interest rates down to an average of about 7%. And we can have you on a plan to be debt free in about 60 months, our average is 48 months," said Nitzsche.
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