DAYTON — Credit card debt is on the rise in Ohio, with the state ranking fifth in the nation for delinquent accounts, according to a new report by WalletHub.
Nearly 30% of credit card accounts in Ohio are delinquent, and the average household credit card debt exceeds $9,000. This increase in debt comes as many residents face financial challenges, particularly as the holiday shopping season approaches.
“Is it out of necessity? Are we trying to fill gaps in our needs, like you said, families are having to make hard choices right now, or on the other side of it, is it just spending habits?” said Sarah Short, a Community Development Specialist at Wright-Patt Credit Union.
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Short emphasizes the importance of starting with a household budget to make the right financial choices, especially during the holidays. She notes that guilt often prevents people from seeking help before their financial problems worsen.
Short advises that consulting with a financial coach can help individuals create a plan to manage their debt. “Once you get in, you sit down, you talk to a financial coach, and kind of let all of that off of your chest. It makes you feel so much better,” she said.
According to Short, there are numerous resources and debt relief programs available for those who find themselves overwhelmed by debt. The key is to ask for help before the situation becomes unmanageable.
As credit card debt continues to rise, Ohio residents are encouraged to seek financial advice and utilize available resources to manage their finances effectively. As the holiday season approaches, making informed spending decisions is crucial to avoid further financial strain.
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