082: Consumer Credit and Rising Debt: Managing Your Spending in Today’s Economy

Jun 21, 2023

Consumer credit is at an all-time high. Credit card debt is pushing $1.25 trillion and headed upwards. Inflation’s high, consumer spending is high, and employers are cutting good jobs with benefits.

Even if you’re steadily employed or running a healthy business and your personal debts are manageable, these macroeconomic factors can still affect you. 

In today’s episode, we walk through why other people’s spending impacts our overall quality of life, how to get the best possible deals when you make a big purchase in this economy, and what to do about any lingering debt you need to get rid of. 

In this podcast interview, you’ll learn:

• Why consumer spending is at an all-time high–and where the money’s coming from. 
• Why last year’s interest rate hikes are just now starting to impact us. 
• How solid financial planning makes it easy to rein in spending and eliminate your debts. 
• Why you should always pay off your credit cards in full. 
• How to address the challenges of skyrocketing costs for basic things like utilities and groceries as you approach (or are in) retirement. 

To get access to today's show notes, including links to all the resources mentioned, visit EGSIFinancial.com

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