Credit card debt fell sharply during the COVID shutdowns. Unfortunately, it’s becoming a big problem again. Folks cut spending and used stimulus money to pay down credit card debt during the pandemic. But what a difference a year makes. We’ll talk about it with Neile Simon today.Neile Simon is a Certified Credit Counselor with Christian Credit Counselors, an underwriter of this program.<ul><li>One of the few positive outcomes of the COVID crisis was that people paid down credit card debt. But sadly, that trend was short-lived.</li><li>Simon shares that a Bankrate.com <a href="https://www.bankrate.com/finance/credit-cards/credit-card-debt-costs-more-than-ever/">survey</a> shows Americans are once again carrying more credit card debt.</li><li>- 46% of cardholders now carry a balance, up from 39% in 2021</li><li>- Many are using cards to make ends meet from month to month.</li><li>- Inflation, and the interest rates hikes needed to battle inflation, are the chief causes</li><li>- The average interest rate is now nearly <a href="https://www.bankrate.com/finance/credit-cards/current-interest-rates/">20%</a></li><li>We’re also seeing sharp increases in home <a href="https://realestate.usnews.com/real-estate/articles/what-you-need-to-know-about-foreclosure-rates">foreclosures</a>, up 115% in 2022. And delinquent auto loans are up more than <a href="https://www.coxautoinc.com/market-insights/auto-market-weekly-summary-january-13/">25%</a>. But credit card debt is one area where folks can make real progress, relatively quickly.</li><li>Christian Credit Counselors offers a debt management plan to help people</li><li>CCC’s debt management plan. This is not debt consolidation or a settlement. All of the terms have been negotiated with creditors, and your initial consultation is free.</li><li>Their program provides encouragement, and relief, and allows clients to see the light at the end of the tunnel with regard to debt. On average, it allows people to pay off their credit card debt 80% faster.</li><li>This is a biblical approach to paying off debt, which helps you to experience the peace and freedom that God wants for all of us.</li><li>You can get more information at <a href="https://www.christiancreditcounselors.org/">ChristianCreditCounselors.org</a>.</li></ul>On this program, Rob also answers listener questions:<ul><li>How do you determine the best option for settling a debt with a creditor?</li><li>What’s the best way to pay down your mortgage?</li><li>Is it wise for a pastor to keep making mortgage payments with a housing allowance or pay off the mortgage early?</li><li>How do you determine how much is enough for retirement?</li></ul>RESOURCES MENTIONED:<ul><li><a href="https://generousgiving.org/">Generousgiving.org</a></li></ul>Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at <a href="https://www.faithfi.com/">FaithFi.com </a>where you can join the FaithFi Community, and even download the free FaithFi app.

FaithFi

Faith & Finance is a daily radio ministry hosted by Rob West. The program offers a practical, biblical and good-natured approach to managing your time, talents and resources.

Faith & Finance with Rob West

Credit card debt fell sharply during the COVID shutdowns. Unfortunately, it’s becoming a big problem again. Folks cut spending and used stimulus money to pay down credit card debt during the pandemic. But what a difference a year makes.

Help For Credit Card Debt With Neile Simon

FaithFi: Faith & Finance | Feb 10, 2023

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Where Faith Meets Finance

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