Leading Driver of Consumer Debt

Consumer Debt

Debts are on the rise.  It is hard to get ahead and stay ahead these days. 

Consumer debts include mortgages, automobile loans, student loans, medical expenses and credit card charges.  Collectively these are increasing year over year. A recent survey by Northwestern Mutual found the following:

Credit card debt remains one of the largest contributors to past due balances. According to www.thebalance.com, the average credit card debt per U.S. household was $8,512 as of November 2019.1 That’s $1.086 trillion in total credit card debt divided by 128 million U.S. households. According to Credit Cards.com, the credit card debt per card-carrying adult is $5,673.2 Did you know, credit card interest rates average around 18%?  According to Warren Buffet, the smartest thing you can do as a consumer is pay off your credit card debt.  It sounds daunting but maybe not as hard as you think.  You can consolidate credit card debt on to a lower interest-bearing card, work with an agency to develop a payment plan or even taking out a small loan to take advantage of a lower interest rate.  With just a little effort, you can start to put money back in your own pocket.