Dealing With Debt During Uncertain Times

With many concerned about their future and finances, it’s more important than ever to consider a money makeover to take care of debt and take control. Taking control of your personal finance is essential and should be much more of a priority among most. 

Nearly 80% of Americans live paycheck to paycheck according to a recent article at CNBC, and now more than ever there is a growing concern about putting food on the table.

Growing debt is another concern, with a recent details of Americans carrying an average personal debt of about $90,000 and it looks to continue rising. While those that look to the future are saving or trying to get out of debt there are many that are more concerned with the present as their current situation creates a lot of unknowns.

The most common types of debt involve credit cards, mortgages, car loans, and with student loans becoming the biggest factor in recent years. Credit card debt is typically the most expensive type to carry due to higher interest rates, and more turn to personal loans each year for debt consolidation purposes. A U.S. consumer debt crisis is unfolding and might get worse before it gets better.

Over 189 million Americans have credit cards, or about half the population, with the average credit card holder having at least four cards. On average, for every household with a credit card each carries $8,398 in credit card debt. California, Florida, and Massachusetts  carry some of the highest debt levels in the country. As many are struggling to climb out of debt, it is those that are being proactive about taking matters into their own hands that might come out ahead.