By Paul Christos
The amount of credit card and auto loan debt carried by the average US Household is a staggering $18,500 to $23,500 per household. At 6% interest, $20,000 of debt accrues approximately $1,200 per year or $100 of per month of additional debt. The worst part about carrying this much consumer debt is that there is no intrinsic value in carrying it. This is “Bad Debt” because the interest paid on it can not be itemized as a tax deduction on your income taxes each year. Mortgage interest expense (“Good Debt”), as an example, can be itemized and taken as a deduction on your tax returns. As a result I have made it my personal obligation to minimize this type of debt as much as humanly possible. I am a realist and recognize that different situations require different financial measures. So, I am not agnostic to the fact that, for certain households, taking on consumer debt is a practical necessity and enables day-to-day survival. What I would like to do with this article though is to provide some advice based upon my experiences and some practices that I have adopted over the years to help eliminate “Bad Debt”.
By Martin Sumner
Being severely in debt can be one of the most stressful situations we can find ourselves in within our everyday lives, and in recent years thousands upon thousands of us have begun to find our debts turning into a problem. Maybe your debts have simply got out of hand, with the repayments finally getting too large to handle comfortably, but a more common scenario is that a change in your financial circumstances or employment means that previously manageable debts are now no longer so easy to bear.
By: James Copper
Credit is essential these days. A person needs credit to be able to do almost everything, from buying a car to getting a utility turned on. Bad credit can be quite costly. That is why debt management is so important. Debt management is the way you acquire and handle your debt so that you can afford it.
By Michael M Thomas
When you are stuck under a pile of credit card debt, it can often feel like it is impossible to find your way out. The easiest way to dig yourself out of credit card debt is to increase your income. Here are three easy ways to increase your income:
The Weary Consumer blog has a great series of articles offering great advice and tips (like the headline) how to break free from debt. Enjoy.