If you’re having a hard time figuring out where your Christmas money’s coming from, or trying to juggle maxed out credit cards, you might need to stop with the merrymaking and take a look at your overall financial situation. No, it can’t wait until after New Year’s, and it shouldn’t. Between now and that New Year’s resolution could be a few thousand more in debt piling up interest charges. If you’re reluctant to face financial reality during the holidays, you’re not alone.
Between student loans, mortgages, and credit card debt, the average person is struggling under a load of debt that would have been unthinkable a generation ago. Add to this, the wage stagnation at every stage of the career ladder. Technically, Americans have not had a raise since about 1979, and have used borrowing to fill the gaps when it comes to everything from buying the groceries to paying for college. Once you’re in debt, it’s very hard to get out, even if you do have a good paycheck coming in. With so much going to service the debt, there’s very little left to save or spend, so the answer is more credit and more borrowing. At the moment, average household debt stands at $16,140 and average household credit card debt at $7,529. Of course, these numbers mean that some households are in far deeper debt.
Just as you didn’t get into debt overnight, you’re not going to get out of it, either. There are some steps that you have to take first.
Think of this as a three year plan to put you back on the road to solvency. Any time you need us, we can help you with all sorts of procedures to get you back in shape from student loans to personal bankruptcy. We’ve helped a lot of people, and we can help you, too.