Nevada Households Drown in Debt as Costs Surge, While Lombardo Stays Silent
NEVADA - Battle Born Progress held a virtual press conference today to highlight rising debt levels affecting Nevada families amid ongoing economic uncertainty, citing new data that puts Nevada among the states hit hardest by mounting household debt.
Nevada families are drowning in debt faster than almost anywhere else in America. Credit card balances in the state have more than doubled over the past decade, a 122.8% jump since 2015, the worst of any state in the country. That’s compounded by mortgage debt that’s nearly doubled too, and student loans that have climbed 61.6%. Combined, it pushed Nevada’s total household debt up 90.6% in ten years, the fourth-steepest increase nationwide, a reflection of just how squeezed Nevada families have become. Meanwhile, Nevada Governor Lombardo has been silent on this crisis. While touting his administration's improvements on the campaign trail, Lombardo is oblivious to his constituents' debt crisis.
Caren Yap, Community Advocate, issued the following statement:
“Nevada has more credit card delinquencies than anywhere in the country. In high school, my teacher was the first to tell me that even after 20 years, she still can’t escape the mountain of student loan and credit card debt.
But this is not simply a personal choice. It is a political one made by decades of Nevada’s and the country’s most powerful and wealthy robbing our wallets to fund their own luxuries and others’ violence while we struggle to cover our basic costs. Our public services in this state are actively being gutted. Public education funding is being cut. Our ability to afford childcare or rent a home is at an all-time low.
This election, as a voter, all I’m hearing is affordability and lowering costs. From regulating payday loans to increasing the minimum wage to providing essential services, I’m side-eyeing legislators to make good on their promises. And continuing to show love to our organizers who keep organizing, building power, and sounding the alarm. We can no longer afford this.”
Jeremy Heckler, Educator and President of Nevada Education Association Southern Nevada, issued the following statement:
“I have been a teacher for 20 years and I have continued to see my slice of the pie shrink smaller and smaller. While my wife, who is a nurse, and I work hard to pay our bills, the hole of our debt has gotten deeper and deeper. The cost of survival has obliterated opportunities to save. The debt of student loans meant to give ourselves a future has become an anchor designed to keep us drowning in debt. Every day I wake up with the worries and fears of what losing my job could mean for my family, while I am not alone in this never-ending burden of affordability. People across Nevada are suffering. Educators should not have to work 2 or 3 jobs to make ends meet forcing many to either file bankruptcy, or go into debt consolidation. We should not have to decide on food vs. meds, or taking care of our health because going to the doctor is so expensive or filling my gas tank to get to one of our two jobs.”
Acadia Leibka, Nevada Content Creator, issued the following statement:
“Affording basic needs without increasing personal debt should not be a dream, but it is for
many Nevadans. We work jobs that should cover our needs, but due to living costs increasing, we are being forced to add to our debt and charge basics to credit cards with a 25% APR. And when we ask for help, we are either simply denied, told to "work harder," or are presented with, "How about another loan?" There is no end in sight.
Nevada's minimum wage is currently $12 an hour. A Nevadan earning minimum wage would need to work 93 hours a week to afford a modest one-bedroom apartment in Nevada. The system that has been built and is being supported is one that takes advantage of the people. When people feel they have zero leverage and no viable alternatives, survival or basic resolution takes precedence over fair terms. This does not lead to economic success for the majority; it furthers the economic success of the top percent and drives outsourcing. Companies and politicians have the power to change the narrative, but many are choosing not to.”
Shelbie Swartz, Executive Director of Battle Born Progress, issued the following statement:
“Families are doing everything they can to stretch their dollars. They’re cutting back, putting off purchases, picking up extra shifts, dipping into savings, and increasingly turning to credit cards just to cover everyday expenses. That’s not because Nevada families suddenly forgot how to budget. It’s because a growing gap exists between what it costs to live here and what working people can earn. You can see that gap everywhere. A minimum-wage worker in Nevada would need to work 93 hours a week just to afford a basic one-bedroom apartment. Nationally, credit card balances have climbed to $1.263 trillion as more Americans struggle with rising costs. Today, we want to talk about what this affordability crisis actually looks like for Nevada families — from housing and groceries to utilities and household debt — and, most importantly, what can be done to make Nevada a place where working people can actually afford to live, raise a family, and build a future.”
ABOUT NEVADA COST OF DOING BUSINESS MEMO: This memo seeks to inform media and the public about the costs businesses are incurring and how those costs impact Nevadans.
SPOKESPEOPLE ARE AVAILABLE FOR COMMENT IN ENGLISH AND SPANISH
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About Battle Born Progress: Battle Born Progress, through strategic communication efforts, empowers, engages and mobilizes Nevada voters to build a state where everyone has a fair opportunity to succeed. We support, engage, and mobilize the progressive community through bold leadership, strategic communications, accountability, and education. We are on the cutting edge of new media and are the go-to source for progressive issues and advocacy for traditional media.
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