If you find yourself drowning in credit-card debt and searching for a solution, the best thing you can do is start at square one. For most, this means learning more about credit-card debt and understanding the steps you can take to make progress in paying it down.
Having credit card debt is very common here in the United States. How much such debt do people here in Louisiana tend to carry? Less than individuals from many other parts of the country, according to recent figures discussed in a Forbes article.
If you come to find yourself drowning in credit-card debt, it's safe to assume you'll quickly search for a way out.
It doesn't matter if you're currently facing a large amount of credit card debt or see yourself moving in this direction, it's imperative to understand why this is happening and what you can do to help yourself.
For many people all across the country -- may they be old, young, employed, or unemployed -- credit card debt will be the one cost that brings down their financial house. To keep things in order, there are a number of effective steps that you can take to prevent credit card debt from overwhelming you, or to cut it down if it has reached a critical point.
It seems like every few months this story passes through the headlines, but yet again we are talking about the amount of credit card debt racked up by Americans. The debt continues to grow, and it is reaching levels that are making some experts a little concerned.
Credit card debt is a scary factor in the lives of many people all across the country. But is it the scariest thing you can think of? According to a new survey done by the website Credible, people aged 18 to 34 who carry credit card debt see their debt as the scariest part of their daily lives. It ranked higher than climate change, the threat of war, and even dying. That's an eye-opening realization about how younger generations see credit card debt.
In our last post, we talked about avoiding debt in the first place. This is a means of never having to deal with a bankruptcy filing, which is obviously the preferred way to go through life. However, not every person gets to live that life. Some honest, hard-working people fall on hard times, and when these things happen they will be in need of relief measures that allow them to get out from underneath their debts.
A lot of the focus of this blog is on bankruptcy, meaning that we are talking about a legal process that already assumes you are buried under a lot of debt. But of course, there is something even better than filing for bankruptcy to clear out your debts, and that is never being in debt in the first place. How do you achieve this?
The Federal Reserve Bank of New York released new information recently that shows that American households have now surpassed the 2008 level of debt. In that fateful year, households accumulated a peak of roughly $12.68 trillion in debt. Today, that number sits around $12.73 trillion, with about 71 percent of that debt being tied up in housing itself (mortgages and home equity loans). The remaining 29 percent of the debt was listed as student loans (10.6 percent), auto loans (9.2 percent), credit cards (6 percent) and "other" (2.9 percent).