Credit cards can provide a financial lifeline when unexpected expenses arise, but mounting balances and high interest rates can quickly turn that temporary relief into long-term debt. For many San Diego families struggling with the rising cost of living, breaking free from credit card debt is becoming increasingly difficult.
NBC 7 Responds surveyed the cost-of-living of more than 1,000 families. It found that more than 60% of respondents carry credit card debt from one month to the next.
Nearly 40% of those who took the survey said they would be unable to cover an unexpected $500 expense. More renters answered it was harder to cover when compared to home owners.
But financial experts say there are…