In Florida, the average credit card debt is $9,184 among cardholders with unpaid balances, according to Lending Tree.
What’s putting them into debt? A prevailing belief is that individuals with high credit card balances got into debt by making impulse purchases, like buying new electronics, jewelry or designer clothing, or splurging to book a cruise or stay in a luxury resort. That’s not always the case.
A new report points to a surprising purchase that is deepening the debt crisis – food. And we’re not talking about fine dining at Michelin-starred restaurants. We’re talking about groceries. According to Urban Institute, a nonprofit research organization dedicated to improving lives and strengthening communities, 28.3% of working-age adults used credit cards to purchase food for their families and “experienced repayment challenges.” In other words, they didn’t pay off the full balance when the monthly bill came due. Other notable findings included these alarming statistics among working-age adults:
· Nearly one in 10 used Buy Now, Pay Later options to pay for groceries; among them, one in three missed a BNPL payment.
· Nearly one in five paid for groceries with savings not intended for daily expenses.
· Nearly one in 20 used cash from a recent payday loan to purchase groceries.
Grocery prices indeed are rising, 3.1% year over year, according to the USDA’s Food Price Index. So, too, are housing prices, insurance premiums, vehicle costs, utilities and just about everything else – except salaries, which in many cases have not kept pace with inflation over the last few years. Those factors, combined with federal cuts to the Supplemental Nutrition Assistance Program (SNAP), mean many low-income families lack funds to cover basic household expenses. Rent is mandatory or families face eviction, so they pay it. The same goes for car payments, electric bills and health insurance. Food purchases often take a backseat because skipping meals here and there only results in hunger, not eviction, repossession or the lights being turned off.
Why should families in Southwest Florida have to choose between paying bills and buying food? They shouldn’t have to skip meals to save a few dollars. Unfortunately, that’s the reality in an economy like ours.
Thankfully, Southwest Florida is a community of generosity. Individuals, businesses and foundations support Harry Chapin Food Bank and its vision of ensuring that no family, child, senior or veteran experiences hunger. These are our neighbors, friends, co-workers and family.
Credit cards are nearly universally available to anyone with a job. Even that isn’t always a prerequisite. Charging that $5 box of cereal today to a credit card might inflate its total cost to $6, $7, $8 or more down the road when factoring interest. Debt snowballs.
In 2026, Harry Chapin Food Bank expects to provide upwards of 40 million pounds of food to neighbors across Charlotte, Collier, Glades, Hendry and Lee Counties. Nearly one-third will be fruits and vegetables, produce grown right here in Florida. Because of the Food Bank’s buying power, every $10 donated helps provide 20 meals to neighbors facing hunger in Southwest Florida. Southwest Floridians can support their neighbors by visiting HarryChapinFoodBank.org to make a secure online donation.
Larry Goode, a Naples resident, is a retired business owner and executive who is board treasurer for Harry Chapin Food Bank, Southwest Florida’s largest hunger-relief nonprofit and the region’s only Feeding America partner food bank.
This article originally appeared on Fort Myers News-Press: Hunger should not put SWFL residents into debt | Opinion
Reporting by Larry Goode / Fort Myers News-Press
USA TODAY Network via Reuters Connect
By Larry Goode | USA TODAY Network
