Americans are returning to normal spending habits for the first time since the height of the COVID-19 pandemic, but are they paying off debt as fast as they’re accumulating it?
Consumer debt has risen to $14.6 trillion in the first three months of 2021 — with student and auto loans especially high, according to recent article on Bloomberg Wealth.
In the second episode of Protecting Your Finances During COVID-19, host Karen Boothe along with Essex Richards bankruptcy attorney Heather Culp and retired e-commerce executive Kim Edwards discuss how the pandemic has influenced the current economic climate and how the finances of the average American has been impacted.
COVID-19 relief support from the federal government has helped many pay down some existing debt. Credit card balances have taken a dip for the second year in a row. Many still find themselves pushing most of their loan repayment responsibilities down the line. All the while, many industries are experiencing price hikes and limited supply.
Tune in here to learn how we got here, and how to keep track of spending amidst complicated economic times.
Heather Culp is a bankruptcy attorney at Essex Richards in Charlotte, North Carolina. She and her colleagues have significant experience helping North Carolinians, their businesses, and their families through their financial challenges. Heather has over 20 years of experience and has helped clients navigate the 2008 recession and rebuild.
Karen Boothe is the founder Engage Forward LLC. Engage Forward LLC exists to consult and educate all clients about how to sustain and maintain financially healthy lifestyles. Karen is committed to helping her clients to develop and transform into a better version of their current state.
Kim Edwards is a former e-commerce executive, retired from her career early at the age of 39 and now spends her time traveling, investing, and learning. Previously, she served in executive level roles at Wayfair, Converse, and management level roles at Amazon and Walmart.
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