Americans’ total credit card balance is $1.031 trillion in the second quarter of 2023, according to the latest consumer debt data from the Federal Reserve Bank of New York. This figure is double what it was in early 2000, roughly 23 years. As of December 2022, the national average balance outstanding was $7,279 and in Illinois …
Tag Archives: debt
Help! How Do I Get Out of Debt?
Perhaps you stay awake at night feeling the weight of too much debt. Maybe you’re afraid to answer the phone because it might be a creditor calling. Or perhaps you simply don’t feel like you can ever get ahead because all your money is going to pay interest on your debt. Simply having a plan …
DEBT – How Much Can I Afford?
Maybe you’ve heard of the 28/36 rule. If so, FORGET IT! According to this rule, households should spend no more than 28% of their gross income on home-related expenses which includes mortgage payments, home-owners insurance, property taxes, and any related association fees. And households should spend no more than 36% on all debt, which in …
DEBT – The Good, the Bad, and the Ugly?
Ideally, we would all be debt free. No mortgage payment. No car payment. No student loans. No credit card companies charging us interest. If this describes you, then CONGRATULATIONS! I encourage you to stay debt free. But I know this doesn’t describe the majority of us. In fact, the average US household has almost $120,000 …