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More credit card debt? Increased cost of living may be to blame

If you feel as if you came by your credit card debt through forces in Florida outside your control, you are far from the only one. Nerd Wallet notes that its most recent report on debt in the United States reveals rising costs of living rather than consumerism drives much of the country’s financial issues.

Your grocery bill may have increased by as much as 36 percent since 2003, while your household income, if you are in the middle range, has only gone up by about 28 percent. Even more expensive than just getting by is the toll medical bills take on your finances—and for good reason. These have gone up 57 percent in the last 13 years. After paying for your health, you may have no choice other than getting out the credit card to buy food or fuel.

While in the short term, using plastic to keep yourself afloat may be a viable alternative, over time this raises your cost of living because of the interest charges. The average amount of credit card debt per American household is well over $16,000, and you could be paying close to $1,300 in interest while you try to reduce that debt.

Making more money could be the answer to your debt problem if you have the option to take on a part-time job or find one with a bigger salary. However, the report indicates that for the average American, a higher income just means a higher amount of debt. This information is for educational purposes only, and should not be interpreted as legal advice.

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