HENDERSON (KTNV) — Many Nevadans suffering from crippling inflation now find themselves drowning in debt.
The Silver State ranks 11th in the nation when it comes to credit card debt, with the average person owing about $7,600, according to a new study released by LendingTree.
I sat down with valley resident Kathryn Buffington-Lacey at her home in Henderson to hear how she faced down tens of thousands in personal bills.
Her credit cards had ballooned to over $60,000, and she felt helpless. But she fought back, deciding to reach out to a local non-profit debt relief company to get back on track.
When you were drowning in debt, how were you feeling?
"Like we were working for nothing. Like there was no way out, like just trapped in there," Kathryn said.
What was the game changer for you?
"I think I saw a commercial on TV and I just gave them a call and it really was miraculous," Kathryn said.
| "We were worried about losing the house. And she [Money Management International] just took it all on. She was able to arrange with the credit card companies down from that 22% to 29% interest rate. |
The highest interest rate we had was 8% while we were in that program. And most of them were around 5%. And that made it so that we could actually pay it off. And she set us up on a payment and we made it, you know, religiously every month for 58 months, 58 months. And then that monkey was gone."
So how do you feel now that you're out of credit card debt?
"It's a weight off our back," Kathryn said.
Kathryn's story is all too familiar to many in our community and, in case you didn't know, there is help for you.
Debt relief companies like the one Kathryn used identify your debt and determine strategies to make it easier to handle — that could include counseling, a management plan and debt settlements.
If you're drowning in debt, you can visit www.MoneyManagement.org.
