The new survey released by the National Foundation of Credit Counseling (NFCC) found that while consumers claimed to spend less, more adults now carry credit card balances from one month to another. While we don't have the 2016 data, the survey conducted by Bureau of Labor Statistics showed that average expenditures increased 4.6% to $55,978 in 2015 from 2014. As interest rates continue to rise, adding pressure to reduce credit card debts, it makes us think that financial literacy continues to be an important topic.
Wan McCormick is a Certified Financial Planner and Accredited Financial Counselor. At Reliable Alliance Financial, our goal is to provide affordable and objective financial advisory to consumers with honesty and transparency.