Published on October 19th, 2015 | by Day Trader
Is Your Financial Debt Overwhelming?
Are you attempting to getting out of debt? Many Americans are faced with high interest rates and big credit card debt that is keeping them from paying off medical bills, investing in their future, starting their own business, or paying for college tuition. If you are looking for an opportunity to make progress on your financial goals, maybe it is time that you found a way to reduce debt by consolidating your high interest credit cards into a more manageable payment plan.
It is difficult to invest your money toward future goals when you are strapped with high credit card payments. You can try to work overtime hours or have your spouse pick up an extra part time job, but it seems like even though you are working more you are not really making progress toward decreasing your overall debt. Did you know that the average adult owes $3,761 in revolving credit to their lenders? For many people, this is the equivalent of an entire month’s salary. How are you ever supposed to be able to pay that debt down? For many, the answer is in getting a lower interest loan to pay off high interest credit cards. As a result, these borrowers can work to pay off one consolidated loan, while at the same time putting away money for their long range financial goals.
The average household in America has 13 payment cards. It should be no surprise then that over 40% of U.S. families spend more than they earn on a yearly basis. Without the opportunity to reduce some of the interest rates on the highest interest credit cards they have, these Americans will never have the opportunity to make plans and save for their financial future. It is disheartening for Americans to hear financial planners talk about ways to invest your money when they have absolutely no money to invest.
Many financial advisers preach paying off your debt as a top priority, but in today’s economy with rising prices for groceries and health insurance, this debt reduction seems next to impossible. In total, American consumers owe $11.91 trillion in debt. How does that seem manageable to the hardest working members in our society? While the richest in the country continue to make more and more profits, it seems that the middle and lower class members are falling into holes of debt impossible to climb out of. Isn’t it time for you to take action? Isn’t it time for you to find access to the most money available to you at the best possible rates so that you can reduce debt and begin your climb toward financial stability? If you are trying to find ways to reduce debt, getting rid of your high interest payments needs to be your first step.