By Mekialaya White | CBS Colorado
Many Coloradans are busy being Santa’s elves, purchasing and furiously wrapping last-minute gifts for their loved ones. However, holiday purchases can rack up quickly, adding to the increasing nationwide card debt problem.
“The financial burden on credit cards has reached a crisis point,” said Roger Reynolds, CEO of Reynolds Financial Group. “Recent studies have shown that over 40% of American households are using credit cards to help supplement their monthly expenses. About 25% are using them within the last month and 16% of Americans have actually been using credit cards to help pay their bills month in, month out.”
Credit debts are one of the most expensive loan options out there, according to Reynolds.