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The Truth About Debt Problems in the USA
Debt problems are the topic of discussion on almost every nightly newscast. The media purports to know the truth about consumer behavior - the way we overspend, the reason we don't have a penny to our names.
Why, then, aren't lenders being held accountable for the rash of debt problems facing Americans? If your nightly newscaster can spot the problem - consumers are being given credit they can't afford - then why do they keep mailing out offers and having us sign on the dotted line to everyone's detriment?
The Facts
The fact is, our reliance on plastic has gotten out of control. The media is only picking up on stories that bubble up to the surface - and it should be a wake up call to everyone considering getting an unnecessary loan or whipping out their wallet to get a quick fix at the mall for another pair of shoes they just don't need (and more importantly, can't afford).It's not only credit cards that are causing our debt problems. Mortgage loans have us in dire straights, too. We are taking out Adjustable Rate Mortgages for six-figure homes and then when the rate increases, finding out we can't foot the bill anymore. This has resulted in a string of foreclosures in the housing market lately.
Instead of waiting until your debt problems get out of control (or even if they already are), take the reins of your spending and start managing your debt more effectively. Whether you're tied down by plastic or loans, debt problems don't have to consume you with worry anymore. Are We Not Taking Our Debt Problems Seriously?
Record High Consumer Debt (CBS News)
The average American household bears thousands of dollars in debt. We spend more than we earn, and then find ourselves in trouble. Trish Regan reports. (CBSNews.com)
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When You Get Your Debt Problems Under Control, Life Gets Easier!
There are many spots on the spectrum of debt management....Maybe you're the kind who lives completely off of your cash flow - with a perfect credit score and interest rates we all can envy.
But maybe you're farther along on the spectrum - somewhere between la-la land and being so deeply mired in debt that you're literally feeling the physical effects of it. Your heart races, you're depressed, you can't sleep nights.
It's easy to let debt problems get the best of you when you're being bombarded by all directions from the people you owe money to.
Creditors will go to almost any length to get their money back. They'll call you constantly, email you, snail mail you, and even send you postal mail that you have to sign for to prove that you received notification. It's all very stressful.
You don't have to endure any of this as you get your debt problems under control. You have rights as a consumer - even though you owe someone money! The Fair Debt Collection Practices Act prohibits collectors from harassing you while they try to recoup their investment.
They can't threaten you, call you repeatedly (or any time other than 8 a.m. to 9 p.m.), trick you, call you at work (if you say they can't), or lie to you. Even though you may know how to effectively handle the debt collectors, it's often stressful enough just to know that you owe someone more money than you can afford.Try to sit down and create a plan to pay off your debtors..
You might do it by paying everyone a little bit at a time or investigating the possibility of a debt consolidation loan to lower your overall payments and get rid of your debt problems for good.
Get Informed About Debt Problems Affecting All of Us!
Mythical Debt Solution?
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How to Find the Right Debt Management Solution
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Do you find it odd that you have to pay most debt solution firms for their assistance in helping you get out of debt? You already can’t afford to pay your bills, and then you have to add another payment to the mix just to struggle to keep...
Is Consolidation Your Ticket to Erasing Your Debt Problem?
Consolidating your debt can be a huge relief, but to many, it opens a whole new can of worms. If you have debt problems that stem from a mound of student loans and credit cards, then it might be a good idea to invest in a consolidation loan.The lender will take all of your high-interest loans, pay them off, and consolidate the funds you owe into one loan that usually has a smaller interest rate. For instance - instead of paying twelve credit cards off (all with a 19% interest rate), you'll be one payment with a 9% interest rate.
Not only do you get a lower monthly payment, but you save all of that money on interest - money that you can use to pay the debt off faster or to invest in a savings account so that you don't fall victim to similar debt problems in the future.
Just be careful whenever you take out a debt consolidation loan. Many people consolidate their debts - only to go out and rack up a bevy of new charges, doubling their overall debt and burdening themselves with more financial issues they have to deal with.
Once you make the decision to consolidate, commit to curb your spending as well.
Unsecured Debt Consolidation:
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How to Choose the Right Unsecured Debt Consolidation Loan
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More and more consumers are finding it’s helpful to apply for an unsecured debt consolidation loan than to tie up their assets with a traditional loan. Normally, when you take out a loan, the lender wants you to secure their investme...
Debt Problems Can Lead to Bankruptcy
Before you allow your debt problems to force you into bankruptcy, consider the effect it will have on you for a long time.
Bankruptcy is a legally declared inability or impairment of ability of an individual or organizations to pay their creditors. Creditors may file a bankruptcy petition against a debtor ("involuntary bankruptcy") in an effort to recoup a portion of what they are owed. In the majority of cases, however, bankruptcy is initiated by the debtor (a "voluntary bankruptcy" that is filed by the bankrupt individual or organization).
Are Debt Problems Causing You Emotional Distress?
Thank you for great information. There are times you need to borrow money, but always need to be in control. Knowing what to do clearly is a great relief. You want to keep eye on credit score too.
Posted March 15, 2008
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expert500
This is a great site - very helpful!! Posted February 09, 2008 |
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Susan52
I'm happy to say we have no debt beyond a few years left on our mortgage. Thanks for the great information and for another idea for the "Do List" on my Money Wise lens - Develop a no-debt habit. Great lens! Posted December 11, 2007 |
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ebenpaganaltitude
Good info. Five stars. Posted December 06, 2007 |
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LackAttack
Thanks for all the great content, Core. I am eager to read more and also become part of this community! I hope the movement toward debt-free living will soon be a revolution! God bless you and thanks again! Posted December 03, 2007 |
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Clairwil
Great advice! Very helpful. ***** Posted December 01, 2007 |
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MyKidsInheritance
This is INCREDIBLY sound advice (especially for moms who just had a big, beautiful wedding for their daughter, with all the big, beautiful bills that come with it!). Posted November 30, 2007 |
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gkygrl
Excellent lens, thank you for the information on debt issues! Posted November 28, 2007 |
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Mark-Nehs
5 star advice!! Posted November 27, 2007 |
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PricePiece_Marketing
Thank you for stopping by my lens Live Streaming Video. You have a great lens too with lots of good info. 5 Stars from me! If you have time check out My Other Lenses too! Posted November 25, 2007 |
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krisManuel
Hey there, great tips! thanks for sharing. 5-stars from me :)If you have time, stop by my lens Your Health and Freedom Posted November 21, 2007 |
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AllWinOrNoneWin
GREAT lens! Posted November 14, 2007 |
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Marc3ll
Hi Corey, Thanks for visiting my lens. Great Tips you got it here. Very info. And before i go, pls say Hi! to your family. 5 S Posted November 13, 2007 |
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GramaBarb
Thanks for your kind words on my "Kidney" Lens. 5* for you too - great advice!! Posted November 13, 2007 |
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zamhaziq
great lens, useful guide Posted November 13, 2007 |
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Christopher_Scott
Another lens, what's up with it not being about Denver? P) Posted November 12, 2007 |
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tplus
Welcome to Get Ratings, Give Ratings! There's alot of great advice here. Hopefully people will use it to get and stay out of debt! Posted November 10, 2007 |
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karencrosby
Posted October 20, 2007 |
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karencrosby
Posted October 20, 2007 |
