For a very large number of Americans, debt hardship has become a way of life. High credit card debt and interest payments siphon off a substantial portion of the monthly income, leaving families on a financial treadmill with no way off. There are many benefits to taking control over your debt. Essentially, it means taking control over your finances and your life. You can take charge of your debt with debt settlement, management or relief, depending on your specific situation.
Drowning in debt
The average U.S. household is drowning in debt. The average credit card debt for each household is $15,355. Total debt, including mortgage, student loans and medical bills, payments etc. is $129,579 per household, on average.
It can be difficult just keeping up with the monthly payments on this debt, since the average interest on debt is $6,658 each year. This means that the monthly payments most people can afford just go towards paying the interest, without affecting the amount of the actual debt.
Debt hardship as a way of life
Not surprisingly, a large number of people describe their way of life as debt hardship. This includes about 20% of Americans in the age group 18-24 years. About one out of four are struggling to make ends meet, and have a hard time paying bills on time.
Worse, a large number of people live from paycheck to paycheck, with no savings to fall back on in case of emergencies. Four out of ten or 42% of all American households have less than three months’ expenses in savings or liquid assets.
Take charge of your debt
This is a truly bleak picture but a first step to handling the problem and moving towards financial security is to take charge of your debt. Consulting with a debt management company can help you to explore your debt relief options.
Professional debt management will help you to decide which options are best for your situation. These could include debt management or modification, debt consolidation and debt settlement.
When you take charge of your debt, you’re stepping on the path to financial control and security. Bringing your debt under control gives you control over your money, so that you can use it to plan ahead and meet your goals, rather than just trying to keep up with payments.
With credit counseling and debt consolidation, you can begin to take steps to financial security for yourself and your family. When you take charge of your debt, you will see positive impacts in all areas of your life.