Almost Half of Minnesotans Struggle with Debt
UNDATED -- New data from the debt management site SpendMeNot claims the average family in Minnesota has over $6,000 in credit card debt, with 45% of families carrying a balance on their credit cards.
Financial Advisor Kelly Sjostrom from moneygalcoaching.com says credit card debt is hard to eliminate.
When you're dealing with 20% - 17% On a good day - interest rates, it is hard to pay off that debt, it is hard to get ahead of things. And this is why we preach so much not to even get involved in that situation. Because credit card debt is really scary, it's hard to get out of and it, it snowballs very quickly.
Other notes from the SpendMeNot.com report:
- 39% of Minnesotans have enough cash to cover a $1,000 emergency.
- 70% of families admit their financial planning needs work.
- 16% admit they have more debt than before the pandemic.
- Only 24% of millennials can demonstrate basic financial literacy.
Sjostrom says families struggling with debt only have a few options.
If increasing your income and getting a side job, isn't something that you can tackle right now, then how can you reduce your expenses? Because, at the end of the day, it’s either an income or an expense issue.
Sjostrom was a guest on WJON’s “It Matters with Kelly Chordes”. For more debt coaching tips, click here.
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