Financial Struggles People Worry About More Than Before

There’s been a lot of good news in the world of economics. So why don’t more people feel optimistic about their personal finance situation? If you’re in this category, there could be many reasons. The fact is, our modern way of living has introduced some newer financial struggles that everyone should know about.

In addition to advancements that most people can appreciate – from better medical treatments to faster smartphones – there are certain growing challenges to be aware of so you can map out a smart spending and saving plan that will pave a stable future ahead. Start by educating yourself about some of the most common challenges below:

1. Big Credit Card Debt Is the Norm in Illinois and Other States

With an average credit card debt of $7,352, Illinois is one of the states experiencing higher debt levels in this area. But the problem is hardly limited to Midwesterners. In total, U.S. credit card balances reached over a trillion dollars for the first time in 2023.

If you’re struggling to pay your credit card bills, take a look at the interest rates and find out if there’s a way to get a better deal. The average interest rate (APR) of credit cards is over twenty percent, according to LendingTree. You could be doing all the right things but get trapped by debt due to double-digit APRs.

At the very least, it may be worth avoiding cards that are squeezing you instead of freeing you from this cycle. One possible alternative is to use a prepaid debit card instead, which doesn’t have interest and can offer a safer way of spending.

2. Identity Theft & Other Forms of Financial Fraud

Financial fraudsters have discovered increasingly creative ways to take advantage of consumers. From old tactics such as check fraud to the latest computer scams, the ways that thieves steal from people are more varied and sophisticated than ever. Fortunately, there are also a variety of simple steps you can take to protect yourself from falling victim to finance fraud that don’t take much time at all.

3. Online Spending and Apps Make Shopping Easier Than Ever

Yet another modern invention that we all know and love – easy spending on apps and online – can have an unfortunate downside. There is nothing wrong with shopping online. Sometimes it’s the only option when you don’t have other means of buying necessary products. But when goods can arrive at our doorstep a day after tapping a button online, this convenience can be too much of a good thing. One way to get ahead of the temptation is to create a monthly budget – then plan your shopping in advance and stick to it.

4. Spending Addiction

Speaking of online spending … More than one in twenty people suffer from compulsive shopping, says AddictionHelp.com. Spending addiction is an issue that can affect people in any income bracket. Pay attention to warning signs such as compulsive behavior and a family history of addiction in order to nip unhealthy temptations in the bud.

5. Fewer Pensions for Older People

Pensions provided by jobs where people spent their whole careers used to be the norm. However, nowadays people are expected to provide funding for their retirement through their own private savings. With that in mind, it’s never too early to start setting aside even a small amount of money – whether through a 401(K) or something else.

Keep Your Money Safe Using Services at Local Currency Exchanges

One thing you shouldn’t have to worry about is the safety of day-to-day financial tasks. Neighborhood Currency Exchanges in Illinois and elsewhere help ensure that all financial transactions are handled and tracked in the proper manner. We do this through a number of local services, allowing you to a bunch of things quickly at the same location:

• Cash all types of checks
• Send money transfers
• Pay bills electronically
• Auto title and registration
• Load up prepaid debit cards
• And more

Stop by your nearest CCEA Currency Exchange or check us out online today!