CEDAR RAPIDS, Iowa (KCRG) – According to a recent report by the Federal Reserve Bank of New York, U.S. residents are increasingly struggling to manage rising debt.
This follows the release of a new report, which shows that U.S. credit card debt reached a record high of more than $1.21 trillion by the end of 2024.
Following the release of the report, TV9 spoke with Elyse De Corah, a financial advisor with Cetera Advisor Networks and Guide Wealth Partners in Cedar Rapids. She explained that one of the biggest factors contributing to debt struggles is consumerism. She noted that there is constant pressure to buy, and online shopping makes it easier to accumulate debt. De Corah also offered advice for those feeling overwhelmed by their debt.
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