Call Kurtis: Managing the growing debt burden

Call Kurtis: Managing the growing debt burden


Call Kurtis: Managing the growing debt burden

01:06

As credit card debt rises, it’s time to check in with Kurtis Ming on how to check your credit.

New reports show that there is a big jump in people who haven’t paid their credit cards each month. That number is now at 46%, up from 39% last year, according to latest information from Bankrate.

Jamie Feldman shared the fact that he owes $20,000 on TikTok.

“Partly because I wasn’t responsible with my money and partly because I wasn’t taught how to manage my money,” he told CBS13. “I just thought of it as something that would eventually go away.”

With the average interest rate nearing a record 19.59%, the average debt is $5,500, according to the report.

“And if you only make the down payments, you’ll be in debt for about 17 years,” said Ted Rossman of Bankrate. “And you’ll pay about $7,500 just in interest.”

Feldman was able to get a no-interest card, increase her payments and create a budget. He shared his financial journey on TikTok.

Zero percent cards that get that rate for a year may be a way for those looking to reign in their debt. But the lesson for Kurtis, once you focus, find boundaries in what you buy.

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