New Study Says NJ People Are Relying On Credit Cards To Pay Monthly Bills
Listen, it's hard out here these days when it comes to our pocketbooks. Prices are skyrocketing on everything under the sun and raises are very few and far between.
A new study seems to suggest that folks here in the Garden State are finding it harder than others to pay off their monthly expenses with just what's in their checking accounts. That's absolutely terrifying. That means that the majority of people here in New Jersey have had to resort to pay off monthly bills and living expenses with their credit cards. Unless you're not financially literate whatsoever, then you know this is a far cry from an ideal economic situation.
According to the study by Upgraded Points, almost 70% of residents here in New Jersey have reported having difficulties paying their bills on time without using a credit card. Obviously, that's bad because paying with a credit card translates into paying MORE for that bill due to the credit card's interest rate. Always stay away from paying bills with a credit card if at all possible. Under this country's current circumstances regarding the economic situation within it, it's not hard to figure out why so many people have resorted to that method of payment. Nobody wants their lights turned off or their car repossessed.
So, just how many NJ residents have been using credit cards to cover their basic expenses? Almost forty percent. If that's not horrifying to you, well, it should be.
NJ fell within the top ten list of states where most people have resorted to using credit cards for monthly bills. To get an even better idea of the current economic climate we're in here in the Garden State, check out the following statistic:
- Share of adults using credit cards to cover expenses: 39.7%
- Total adults using credit cards to cover expenses: 2,422,101
- Share of adults with difficulty covering expenses: 69.2%
- Total adults with difficulty covering expenses: 4,331,596
Hopefully, we come out of it sooner rather than later. Otherwise, people's credit scores are really going to be impacted if they can't pay off the debt accrued on their cards due to a lack of funds in their checking accounts.