I’m sure you’ll agree that costs are rising, but do people still seem to be spending as much as they used to?

In today’s Money Minute, the reason may be as simple as what people are taking out of their wallets.

“We are seeing people coming in with huge amounts of debt over the last three months,” said Shannon Doyle of LSS Financial Advisory.

A few months ago, Doyle said that when clients came in, their debts were often over $10,000. “It used to be like that for young people.”

But now these numbers are increasing rapidly.

“Our average debt was $25,000,” Doyle added.

Doyle advises people to sit down today and check what they’re actually spending.

“Now is the time to look at your credit card statement.”

Doyle says it can take up to a decade for these high balances to pay off, so do some research.

You may want to change your credit card company. Look for a credit card with lower interest rates; sometimes credit unions or smaller banks may have them. If you’re making card-to-card transfers, check the fees.

These can all add up to help you save money.

But before making a change, make a simple call to your current credit card company.

“Ask them to lower the interest rate,” Doyle said.

And they can surprise you and fulfill your wish.

You can always call for advice LSS Financial ServicesA service of Minnesota Lutheran Social Service.