WWLP Springfield, MA interviews Christopher Viale, President and CEO of Cambridge Credit Counseling Corp., about a new study which examines how much credit card debt the American consumer carries.
Transcription: Well it’s nothing to brag about, personal debt in Massachusetts among the highest in the whole nation. 22 news reporter Jackie Brousseau explains how people are getting into trouble and what you can do if you need some financial help. Raymond Espejo found himself in credit card debt and was forced to make a choice. “I got rid of my credit card, too much money. They’re charging a lot of money you know and I couldn’t afford it.” Espejo is one of the many people trying to avoid major financial disaster. A new study by a nonprofit group that advocates for consumers shows Massachusetts ranks 10th in the nation for personal credit card debt. The median debt per borrower in the state is over nineteen hundred dollars, but one local counseling agency says the results don’t reveal the full picture. That really doesn’t hit the main problem that America’s having right now. It doesn’t focus on consumers that are carrying credit card debt from month to month. Cambridge Credit Counseling said the number calls they receive every week from people looking for help getting out of Debt has gone from 600 to 1200 over the last month. Credit card fees and interests have made things worse so have high gas prices and grocery bills. In tough economic times credit card debt can overwhelm even those who believe they’ve invested wisely. Cambridge Credit Counseling said that sixty percent of the people they speak with are homeowners. Majority everyone we talked to, I’d say 95 percent of the folks we talk to, have just gotten over their heads the credit card debt that’s not on luxury items. Not filling their houses up with big screen TVs, or going on vacations, they’re using these credit cards to get by. Financial counselor, Christopher Viale says people need to figure out what they’re spending money on and develop a budget. If credit card fees are plunging you further into debt get help from a professional who can bring down your credit card rates and map out a plan. I’m Jackie Brousseau for 22news.
Review of the Consumer Credit Card from Home Depot