Your Debt Can Be Better Handled with Texas People
Or There may be a better way to manage and pay off debt
After a temporary decline during the pandemic, credit card debt nationwide has recently
increased to a record high of $927 billion, with 7% of it being a result of the inflation surge in
over forty years.
According to CNBC, the reworking of credit card interest rates parallels the actions of the
Federal Reserve. As the Federal Reserve raises rates, the interest rates for credit card goes up
as well. And as prices surge for furniture, lodging, and gas — all of which are usually purchased
by credit card — buyers are being placed into a tough financial situation. Their prices to buy
goods and services are going up, but the interest on those card purchase is also increasing.
“The highest inflation readings in four decades will likely lead to a series of interest rate hikes
from the Federal Reserve, which will make it even harder for Americans to pay down their credit
card debt,” says senior industry analyst Ted Rossman from Bankrate.com.
So what should you do as a credit card holder to prepare for these rising numbers? The best
thing to do is to get rid of your debt quickly and by working to pay it off as soon as possible. If
you do not have cash reserves to pay off your debt immediately, it is a good idea to lower the
amount you owe by ramping up your payment amounts on that debt.
Consolidate to our card
However, if increasing the monthly payment amount isn’t in the cards for you, we’ve got you
covered. Consider our credit cards to help you save money while lowering your credit card debt.
Our new Texas People MasterCard also offers you zero fraud liability, ID theft protection, and no annual fee.
It also offers Dreampoints, a way to earn rewards with every purchase you make as well as a low fixed rate of 9.90% APR
Signature/Personal Loans
Our signature loan is here to help you finance small purchases and can fund up to $10 thousand
in cash needs. The benefits include terms up to 48 months, credit life and disability, and this
type of loan can be used for almost any financial need.
Home Equity Loans
We can also help you secure much needed funds through our home equity loan, which you could
use to borrow some of the equity you’ve established in your home. With our competitive, low
rates and budget-friendly repayment terms, you’ll be able to consolidate and pay off your credit
card debt easily.
We understand inflation and rising interest rates are hitting credit card users pretty hard at this
time. We’re here to talk you through options for restructuring your debt that will have the least
impact on your budget. If you are carrying high-interest cards, please call our office to get
started today.
Sources:
“How the Fed’s Rate Hike Will Affect Your Credit Card Debt | Next Advisor with Time.” Time,
Time, 17 Mar. 2022,
https://time.com/nextadvisor/in-the-news/credit-card-debt-fed-rate-hike/.
MikeWintrs. “Consumers Are Taking on More Credit Card Debt, Just as Interest Rates Are
Expected to Rise.” CNBC, CNBC, 10 Feb. 2022,
https://www.cnbc.com/2022/02/10/credit-card-debt-is-rising-and-possibly-interest-rates-t
oo.html.
