Get Out Of Debt
Many American consumers are up to their ears in debt
. Rather than drown, they are also looking at ways to get out of debt. They see offers right and left whether on television, in magazines and newspapers or online. Many make it seem easy, but the fact is that to get out of debt is a tough process, and it can take time. If consumers remember that they didn't get into debt over night, it is easier to correctly assess the methods to get out of it.
Society today is chock full of both borrowers and people willing to lend to them. Even a quick look at the statistics is telling. The average credit card debt per American household is just over $16,000, and that's just the majors like Visa, Mastercard, Amex and Discover. Add on department stores, local companies and others, and the number gets pushed up even higher. Of the consumers who seek some type of debt counseling, more than half have debt that averages more than twice that amount.
The ratio of debt to income has gone way beyond manageable for most Americans, and to get out of debt has become something of a national goal. There are a number of options too. For the person who isn't seriously in trouble, there's the simple matter of either stopping use of credit cards or cutting them up and closing accounts as soon as they are paid off. For others who are deeper in debt, it often takes professional assistance to start to get out of debt. Credit counselors, debt relief companies and others can help. One of the unfortunate moves that consumers make is consolidating unsecured credit card debt and obtaining a secured loan to pay them all off. The loans required to do that are secured ones. They require collateral from property. This can mean a second mortgage or home equity loan, and therein lies the problem. With the American economic future being so uncertain, the probability of defaulting on loans is high, and losing a home while trying to pay off debt is a sad thing to see.
To get out of debt, and stay out of debt, the consumer must make an educated and diligent effort to first stop any habits that caused debts. No debt relief program will be successful without a new attitude. Then it is time to sort through the various options for debt resolution. Beyond credit consolidation and loans, there's debt management and debt settlement, both of which offers solutions without obtaining loans. While every consumer has to make their own ultimate decision on how to get out of debt, there are choices, and making them with as much knowledge as possible is important.
by: Vicki Hall
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