Credit Card Debt has hit an all-time high. Overextended and struggling to make our minimum payments? Stop the never-ending cycle of debt, turn that savings into a compounding asset!
Total household debt hit another record high in the fourth quarter of 2018, according to The Federal Reserve Bank of New York.
Economists say consumer confidence is weakening. If that’s the case, consumer loan borrowing could level off or even decline in the coming quarters. Quick facts about the report:
- Credit card balances rose by $26 billion to $870 billion. The increase in credit card balances marks the first time credit card balances re-touched the 2008 nominal peak.
- About 195,000 consumers had a bankruptcy notation added to their credit reports
Unfortunately many of us are finding ourselves overextended and struggling to make our minimum monthly payments and living expenses. The good news is we have a solution to not only stop the never-ending cycle of debt, but actually turn that savings into a compounding asset!
Contact one of our certified debt planners today to see what your options are to reduce your monthly payments, payoff your debt faster and with less interest!
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