Managing Credit when Prices are Rising

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As a consumer, you have likely felt the impact of inflation on your wallet, but have you considered how inflation can affect your credit? Costs of various products have gone up, along with interest rates. According to the Consumer Financial Protection Bureau, Consumer Price Index (CPI) for used cars and trucks has increased 40% since January 2021, 12% for new cars, and the average auto loan interest rate for borrowers with a poor credit history is now between 9 and 20 percent annually.

In this episode, Extension Educator Camaya Wallace Bechard and Kathy Sweedler discussed ways to manage your credit during times of inflation. They shared some common credit myths, the effects of rising interest rates and provided suggestions, and resources, to help you increase your purchasing power and protect your credit history. Find Managing Credit when Prices are Rising on our SoundCloud page to listen to the podcast!