Why NJ Lawmakers should be urged to tackle growing credit card debt

With rising costs of literally everything, it's not surprise that so many in New Jersey are getting anxious with what's going to happen next.

Think about all the recent events that have unfolded. A record government shutdown, skyrocketing health costs, rising inflation on everyday goods, and so on. And in New Jersey, all of these issues are amplified.

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That's why it's no surprise so many across the state have been turning to credit cards just to simply get by. Not to mention the tax burden that's unique to us also fueling an increase of credit card usage.

But at some point, we're going to hit that limit where so many of us will be forced into a very unfortunate situation. We cross that point of no return with credit card debt.

It's one thing if credit was getting misused. It's another when you're forced to use cards simply because you have no other means to pay for the necessities of life.

The affordability to make a decent living alone seems to be slipping away so much so, that talks of a 50-year mortgage are surfacing. Again, this all ties into why our credit card usage has increased so much.

Not to mention payrates that are either remaining flat or not keeping up with the cost of goods. That's also at the core of this growing issue.

Credit card relief?

First off, I don't even know if this is possible for New Jersey lawmakers to tackle. Should we try to find a way to wipe credit card debt just so we don't get buried in this endless cycle of minimum payments that'll never go away?

Much like how New Jersey has helped those with medical debt, this could work the same way. Especially if that credit card debt was accumulated by simply trying to make ends meet and not abusing the credit limits.

If it's proven that a household is really struggling but are trying to do everything right, then that would be the prime candidate to receive relief. Especially for those who are working or were let go by no fault of their own.

Force limits on the credit card companies?

Although some in New Jersey might like the idea of wiping credit card debt, others might not be on board with it. Especially those who have managed to keep their cards in check.

That opens up another possibility. What if, after a certain period of time, a credit card company was banned from charging any more interest in order to help individuals actually pay down their debt?

This could also be on a case-by-case bases and be awarded to those who have been making minimum payments but yet remain maxed out. If a certain period of time goes by, those individuals should qualify for the state to step in and help stop that vicious credit card cycle.

Good idea, or overreaching?

Some might also argue that the government stepping in to help us tackle our credit card debt is overreach. But in a state where we're already overtaxed, shouldn't the money go back to its citizens anyway?

The above post reflects the thoughts and observations of New Jersey 101.5 weekend host & content contributor Mike Brant. Any opinions expressed are his own.