Consumer debt in the U.S. reached a total of over $1 trillion in 1999. Credit card debt was over $500 billion. Over 1.2 million Americans filed for bankruptcy in 2000 according to the American Bankruptcy Institute. That’s up from 330,000 in 1980.
I see a guy on TV all the time. He says that you can buy a home with no money down and then come from closing with money in your pocket. Supposedly people buy homes and make millions a year. Do you know about this? How this could be done? Is it worth the 3 payments of $59.99? Or is it a scam?
When there’s some extra money at the end of the month, which debt should be paid off first. When you start to factor in home prices and possible moves, it can be confusing.
Independent studies indicate that about 70% of all credit reports contain errors. And about one in four reports have an error big enough to cause credit to be denied. In fact, the Federal Trade Commission advises checking your credit report before making any major purchase. That will allow you to correct any errors before a potential lender asks for your report.
Over 68% of Americans have a credit card and much of the “New Economy’s” heralded low-inflation growth has been fueled by debt, much of it credit-card debt. Ever wonder how the economy has been able to grow prodigiously as income inequality has skyrocketed and wages have stagnated? There are two answers. The first is that with a booming economy, people feel optimistic about their finances even if they don’t have much reason to be. The second, and more disturbing, answer is consumer spending based on debt, often credit card debt.
What’s the best way to establish credit? It’s important to get off to a good start. The record you build now will follow you throughout your life, and it will effect how much you pay when you borrow money in the future.
Since the Fed lowered the interest rate what do I have to do to benefit? Do I need to contact each credit card company and just ask for a lower rate? I also lease a car. Would the same question apply?
Americans currently have over $1 trillion in consumer debt. About half of that is owed to credit card companies. And about 5% of all accounts are 30 days or more past due with their payments. Find out how to get your credit card debt under control.