By Cora Lewis, Associated PressSeriously overdue credit card debt is at the highest level in 14 years, and people 35 and under are struggling more than other age groups to pay their bills.
If you’re experiencing delinquency, or at risk of it, experts advise speaking with a nonprofit credit counselor and negotiating with your creditors directly. Here’s what you should know:Bruce McClary, senior vice president at the National Foundation for Credit Counseling, says that anyone at risk of delinquency should reach out as soon as possible for help from a nonprofit credit counselor, some of whom can be found through his organization.
McClary and other experts stress that most credit card companies and other lenders have hardship programs available for cases like these. Such options gained visibility during the COVID-19 pandemic, when more companies publicly advertised that consumers facing difficulty may skip or defer payments without penalties.The average annual interest rate on a new credit card is 24.71%, according to LendingTree, the highest since the company began tracking in 2019.
“Younger and less affluent people are experiencing challenges,” he said. “And high interest rates are having an effect.”
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: physorg_com - 🏆 388. / 55 Read more »