(WTNH) – If you’re seeing your credit card debt tick up, you are not alone. The pandemic is wreaking havoc on our finances.
We are Stretching Your Dollars with who’s finding themselves struggling the most.
Long lines at the food bank and job losses. It’s no surprise the nation’s credit card debt is surging. In fact, a Bankrate survey found 42 percent of consumers have added to the amount they owe since the start of the pandemic.
Those struggling the most are millennials, many who work in the service industry saw their hours cut and they’re spending more as businesses reopened. Millennials are also more likely to already be struggling with student loan debt as they try to get into their first homes.
If you’re faced with added debt this year, there are three ways to turn things around before the end of the year, but it takes commitment.
NASDAQ says first, commit to living off a tighter budget, be more frugal at the supermarket, consider trimming your streaming services, and take note of your excess spending.
You can consider a side hustle, one that’s flexible to what you already have happening in life. NASDAQ says you can apply to write or edit content from home, drive for a ride-hailing service, or sign up to pet or house-sit when it’s convenient for you.
Third, do a balance transfer. If you’re committed to making changes to your spending, the transfer may be worth your while as you put a dent in the debt. It will help save on those high interest rate credit cards. Some cards are offering zero percent APT into 2023 right now.
It just takes a game plan and commitment to make a financial change before the expensive holiday shopping season comes knocking on our door.
NASDAQ has a look at some of the better balance transfer cards. For more information, click here.