NASHVILLE, Tenn. (WTVF) — As prices keep going up, so many more of us are relying on credit cards to get by.
In fact, experts say credit card debt is rising at a rate not seen in years.
Malisha Goodner said she knows what it's like to be in financial despair and in a cycle that felt impossible to get out of. At one point, she owed 26,000 dollars in credit card debt.
"It was very hard for me to get out of that debt. It was a struggle, and it was stressful. And you're trying to figure out, 'what do I pay next?' That's a common problem that we're having these days, you know. What do I pay next?"
According to the Federal Reserve Bank of New York, Americans are borrowing at a rate not seen in more than 20 years. Americans are carrying $887 billion in credit card debt — an increase of 13% since last year.
In Nashville, inflation isn't the only thing soaring.
Erin Akery with the Nashville Financial Empowerment Center said a lot of people are having a hard time keeping up with the rising cost of rent in the city.
"It's a lot of people having a hard time paying rent here in Nashville. Housing is a real tricky thing in the city," she said.
Akery said piling on credit card debt can be a recipe for disaster.
"I've seen people accumulate debt in a matter of months, and then it will take them years — sometimes even decades — to unravel that situation and get themselves out just because of the power of that interest that they're paying," she said.
Akery said becoming financially stable is possible, and the center is ready to help Davidson County residents for free.
"One-on-one counseling is really special, and it's not the same as going to a budgeting class or a seminar about personal finance because you can't dig into your situation, but with our counseling service you get to talk to someone about you specifically," she said.
