Colorado’s breathtaking landscapes are increasingly overshadowed by breathtaking bills. Despite a high-growth economy, many households face a concerning paradox. Expenses are rising, but wages have not kept pace. To fill the gap, many families now rely on high-interest credit cards.
Credit cards were once for extra purchases. Now, for some people, they are a vital safety net. Many people rely on revolving debt, which moves balances from one card to another, with lower rates month to month. In Colorado, 33% of debtors now cite everyday expenses – groceries, utilities and childcare – as the primary reason for their debt. Another 41% point to unexpected emergencies, such as medical bills or car repairs.
