Many people were already reliant on credit cards to pay for day-to-day bills and emergencies at the start of the COVID-19 outbreak. Since the pandemic has grown, more people have become even more reliant on credit cards for everyday expenses as they continue to face financial hardships.

Even with the coronavirus pandemic’s effect on our economy, credit card interest rates still remain very high (more than 17% for most cardholders). While some companies are offering relief options, the patchwork of varying programs are not enough to avoid significant debt impact on adults of all ages.

In addition to the measures taken to address mortgage payments and evictions, while people are still applying for unemployment insurance and families are still waiting for stimulus relief checks, this is an issue that should also be addressed here in New York State and in Washington DC during this crisis.

Assemblyman Angelo Santabarbara
Representing areas of Albany Montgomery and Schenectady Counties