Friends and neighbors,

I read an article recently in the Minnesota Reformer about credit card debt continuing to rise as people, especially the lowest earners, struggle to keep up with the cost of living. Their reporting matches the stories I hear often from people around our district. Even though inflation has cooled off, prices are still quite high compared to before the pandemic. Everything is more expensive, and we see more people resorting to credit cards just to get by. 

The numbers are stark: total credit card balances have risen 5.8% from last year, reaching $1.14 trillion. What’s more concerning is that many of these purchases aren’t for luxuries – they’re for necessities. Families are using credit cards for groceries and gas because they’re getting squeezed in other areas, like rent. 

This growing debt burden is particularly hard on our lowest earners. With average credit card interest rates above 22%, those who can’t pay off their balances each month find themselves trapped in an expensive cycle of debt.   

Addressing this issue is not just about helping individual households; it’s about strengthening our communities. When people get caught in a cycle of debt, it impacts their ability to invest in their children’s education, save for the future, or contribute to our local economy. We must make it a top priority to ease the financial burdens on Minnesota families. We need to focus on ways to make the basics of living more affordable. 

Rising use of credit card debt is more than just a financial issue – it’s a symptom of deeper economic challenges facing our families. It’s our duty to address these challenges head-on and create an economy where hard work translates into financial stability and prosperity for all Minnesotans. 

Contact me  

If you have any questions about any issues we are working on at the legislature, feel free to contact me any time at sen.john.jasinski@mnsenate.gov or 651-296-0284. 

And you can always get the latest news from St. Paul on my Facebook page at fb.com/SenatorJohnJasinski. 

It is a privilege to serve you! 

— John