The average American is swimming in debt. For businesses, debt is an acceptable way to expand operations. Individuals are taking on debt just to get by. Loans and credit cards are needed to go to college, drive to work, and keep the lights on at home. The average American has over $6,000 in credit card debt. On …
More than 20 million Americans have taken out personal loans, carrying an average balance of more than $16,000. In recent years, the popularity of this type of unsecured debt has grown exponentially. Now, people are turning to personal loans to cover myriad expenses, from home projects to vacations. They’re also using them to help fund their other …
Raise your hand if you have more than four credit cards, a car payment, and mortgage, and student loans. Keep your hand up if you’re afraid to look at your credit card or student loan statements because you don’t want to know how high that balance is. Now raise your hand if you feel like …
When you’re overwhelmed by multiple forms of debt, a consolidation loan can offer much-needed assistance Designed to roll your myriad obligations into a single monthly payment with more favorable terms, these loans can help you get back on your feet and achieve financial stability. However, they aren’t given out blindly. Lenders will look at various factors to …
Are you one of the millions of Americans struggling to pay off debt? If so, it can feel like an impossible mountain to climb. Between the money you owe, sky-high interest rates, and a sinking credit score, it might seem as though you’re destined to be in the red forever. However, there are plenty of …
If you are burdened by debt, you’re not alone. Household debt has been rising unstoppably for more than 19 quarters. The average household in the US now has roughly $38,000 in debt. This figure excludes home mortgages. Shouldering high levels of debt is has a number of negative effects. It reduces or eradicates one’s ability to save, can …
The average American has $38,000 in personal debt. Whether you have student loans or a mortgage to pay off, it can have a tremendous impact on your mental well-being. Worrying about taking care of debt, especially a huge amount, can easily consume you. This, in turn, may significantly impact your life. Do you have debt and …
efore the coronavirus pandemic put down roots in the United States, student loans were inflicting financial damage. The American people are swimming in student loan debt. The total student loan debt held by the American people is over $1.4 trillion. Every second, over $2,800 in new student loan debt is accrued. Now, the coronavirus is disproportionately …
Consumer debt as of the end of 2019 was $14 trillion. That was before coronavirus and the current growing number of people filing for unemployment. Currently, people are amassing even more credit card debt as unemployed people are using credit cards to pay rent, utilities, and a host of other things during the COVID-19 stay-at-home mandate. …
According to statistics, over 60% of American households hold credit cards, with the average debt being $6,194. While not ideal, credit card debt of $6,194 might not be unmanageable if you aren’t burdened with a lot of other debt. However, what if your credit card debt is more than this? What if you have multiple lines of …
