Right now, Americans are in debt at an amount of approximately $14.1 trillion, based on the 2019 Consumer Debt Study by Experian. That number is made up of debt from credit cards, student loans, auto loans and mortgages. On average, each American carries a personal debt of around $90,460.
Debt relief may be something you're looking into if you've lost time at work or lost your job recently. Having great amounts of debt can make it hard to get your finances back on track when you're only able to work part time or find piece work to bring in an income.
Today's economy is not perfect, and one of the things that people are discussing as a solution is a debt jubilee. A debt jubilee is not a unique idea. It's the concept that the country's debt could simply be written off and eliminated. Yes, it would likely hurt creditors, but it would be a significant relief to debtors.
When you think about the amount of debt you have, does it make you worried about ever catching up? Do you worry about what would happen if you suddenly lost a job?
If you owe money for things like credit card bills, student loans or medical bills that you haven't been able to pay, your creditors may have turned your account over to a debt collection company. You may feel inundated and even harassed in calls, texts, emails and/or letters by collectors.
You know that you can't stay in debt forever, because the strain that you're dealing with is becoming overwhelming. You've worked hard to get where you are today, but a combination of lost hours at work and large, financed purchases have put your behind on what you owe.
Debt relief can make you feel so much better and more in control of your life. It may be difficult to think about how much debt you're in or how you're going to handle it, but good debt relief options make a difference.
When you're drowning in debt, the only thing you want to do is to find a solution. You may think that there is no way out, but in reality, there are many different ways to take care of overwhelming debt.
You never expected to be the person who was struggling with their income. You always worked hard and saved your money. You tried to pay off your credit cards every month, and you always saved up to make sure you'd have money for an emergency.
There are many different debt relief options that you may want to try if you find yourself over your head in debt. From debt settlement to consolidation or bankruptcy, there are several options that may be open to you.