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    Stock Market News: Volatility Up 14% As Markets Fall

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Home Personal Finance

Coronavirus should make you rethink how you handle credit card debt

Trade News by Trade News
March 30, 2020
in Personal Finance
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Coronavirus should make you rethink how you handle credit card debt
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The coronavirus has put the brakes on the economy. However, many individuals still face due dates for payments on lingering credit card balances.

A new survey from CreditCards.com finds that 59% of credit card holders – or 110 million adults – entered the coronavirus pandemic and subsequent slowdown with credit card debt.

Many of them – 56% – had been carrying that debt for at least one year.

More from Personal Finance:
These banks are offering coronavirus financial aid
What you need to know about unemployment benefits
Coronavirus stimulus checks could come with kinks

The most common reasons cited were medical bills, car repairs or home maintenance, with 35% of respondents; followed by day-to-day expenses, with 26%. Meanwhile, discretionary spending accounted for 31%.

“It’s generally responsible stuff, but it’s easy to get in,” said Ted Rossman, industry analyst at CreditCards.com. “It’s hard to get out.”

Interest rates can be as much as 25% or more, which makes it harder to pay…



Source Google News

Tags: cardcoronaviruscreditdebthandlerethink
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