“The large amount of debt these households are carrying is a caution,” says Housser. “Owing that amount, with average interest rates on credit cards more than 16.7 percent, is unsustainable, especially when median household income is just $57,617.”
Most people don’t realize they’re over their heads until it is too late, Housser says. Trouble signs include being unable to make minimum payments, getting calls from collectors or juggling credit cards to pay for daily necessities or other debts.
Housser recommends four steps to begin digging out of debt:
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