America’s Debt Crisis
Let’s forget that for a minute: in March 2018, the US national debt was over $21 trillion. The US National Debt, “US Treasury’s annual report on the state of the US national debt, March 2017.
By comparison, at the same time, total household debt in the US was more than $13.5 trillion, and the nation’s total debt was $21.7 trillion.
US consumers accumulated more than $1.5 trillion in credit card debt in the first quarter of 2014. Next, credit cards were responsible for $2.2 trillion of total US consumer debt.
To give you a point of reference, if you were looking at a $200,000 house, how many of us could buy that? About half of the country’s households are indebted to their credit card companies, according to the Federal Reserve Bank of New York.
Recriminations aside, the average American’s debt problem is so great that it even keeps people up at night. Many may find that they pay bills late and avoid calls from collectors or worse, with liens and repossessions looming on the horizon. On top of this, the cost of living is rising, the labor market is changing and life is accelerating. Americans are suffering from accelerating aging, according to a recent study by the American Enterprise Institute, an economic think tank.
This may be unpopular advice, but not everyone can afford a Porsche, and the problem is a symptom of the wrong lifestyle. If you don’t behave and your life stays the same, you will cause more problems than you solve.
This is the beginning of a change in the way we interact with money, and money is a tool to be used, not a master.
I am a certified credit counselor who will show you how to use your current resources and help you get out of debt faster than you would stumble for years if you tried to make minimum payments.
In many cases, you can negotiate with your creditors to reduce or even cancel the interest owed on your accounts.
You can also receive support and financial education to better manage your finances and move your life forward. Again, debt matters: you have to pay your monthly bills, repay your money in debt, and repay it.
Treating this problem will require behavioral change and lifestyle change, and it will not be easy. But with your help, your goals are achievable and you can have a life and a future to be proud of. Take the first step towards a stable financial future by calling one of our certified credit advisors.
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For more information on debt consolidation, please visit:
Why Choose CreditGuard? Learn what sets our debt consolidation services apart from the rest and how we can help you take control of your debt.
The Ultimate Debt Survival Guide. Need some practical advice for dealing with debt? You’ve come to the right place. This free downloadable guide can teach you the basics of managing debt (and more).
Is Debt Settlement a Good Idea? Debt settlement and debt consolidation are not the same. Learn more about the process (and consequences) of settling your debts before going down that path.