Bonus Interview: Crushed by Credit? There’s Hope — with Robin Growley

[00:00:00] Speaker A: If you've got credit card debt, you are not alone. I'm Matt McClure with the Retirement Radio Network, powered by Amerilife. Consumer debt is piling up in this country. In fact, the Federal Reserve bank of New York says as of this year, Americans hold more than $1 trillion in credit card debt. That's trillion with a T. And the average interest rate, it's hovering around 20%, sometimes even higher. That means if you're only making the minimum payment each month, most of your money isn't even touching the balance. It's going straight into the lender's pocket as interest. And that debt, it adds up quietly, consistently, and often painfully. One of the smartest money moves you can make is to avoid going into debt in the first place. Robin Growley is head of Consumer Deposits at Bank of America. [00:00:44] Speaker B: Even if you're spending with a credit card and you have a bit of a higher limit, don't max that out, right? Just spend with what you've allocated for in your budget. But anytime you're spending on that credit card, you have to make sure that you're paying that monthly balance off on time and in full, because that's really the key to building your credit history. [00:01:01] Speaker A: But maybe you're not there right now. Now, if you feel like you're drowning in a sea of credit card debt, there is hope out there. A debt management plan often offered through nonprofit credit counseling agencies can help you consolidate those payments into one monthly amount, often with lower interest rates. These aren't shady payday loans or too good to be true ads. Experian says these are regulated, real programs built to get you back on your feet. And here's why that matters. Your credit score. Growley says it's not just a number. [00:01:32] Speaker B: Well, a good credit score is so important to our financial journey, right? And all the doors, kind of the good credit score can, can open for us. So things like renting an apartment or getting a favorable rate on an auto purchase, a good credit score is so important to be able to do those. [00:01:48] Speaker A: And so if you've been avoiding your statements or feeling the stress build every time your phone lights up with a balance alert, make a plan and ask for help if you need it. Because this isn't about shame. It's about taking back control. With the retirement radio network powered by ameraLife, I'm Matt McClure.