How to Overcome America’s Debt Nightmare

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“Where did all my money go?” 

If you find yourself asking this question at the end of every month, you’re not alone. Household debt has skyrocketed to an alarming $17.5 trillion, leaving half of Americans worried they’ll never be able to get out of debt. With so many drowning in debt and facing uncertain futures, it’s important to know what led to the crisis and, more importantly, how to fix it.

How many zeros are in a trillion?

$17.5 trillion is mind-boggling. The household debt numbers include mortgages, HELOCs, auto loans, student and personal loans, and credit cards. According to the Federal Reserve’s Q4 2023 report, nearly all categories of household debt saw substantial increases. Credit card debt alone reached a staggering $1.13 trillion, which is especially alarming. Most of us have done the credit card dance at some point in our lives. Endless minimum payments that don’t make a dent in the debt and crushing interest rates keep you from getting ahead. It’s no wonder fear has set in among consumers. 

The Uncomfortable Truth. 

The credit card system is no friend of yours. In fact, the credit card system is designed to keep you trapped (picture the hamster on the wheel). Sky-high interest rates that are out of your control are a major contributing factor. In just two years, average credit card rates have surged from 14.5% to 21.5%, an alarming 47% increase. This turns a manageable amount of debt into a living nightmare; leading to missed payments, ruined credit, and sleepless nights.

What’s the solution? 

First, let’s consider what not to do.

Taking out more loans can make it worse.

A consolidation loan sounds alluring but in truth it can make things worse. Putting it “all in one payment” may sound like a quick fix but often exacerbates the problem. The loan’s already high interest rate may go even higher dragging your debt out for years.

Don’t go it alone.

Why? Back to the earlier point, the credit card system doesn’t want you out of debt, they want you in debt. That’s why it’s important to seek an advocate. There are professionals that can work on your behalf and put your best interests first. 

How to turn the tables. 

There are professionals out there with innovative solutions. The experts at Done With Debt have a developed a new program that gets to the source of the problem. They explore all your debt options, including the hardship exceptions the loan companies don’t want you to know about. Their team often stops the interest charges, renegotiates debt, and provides relief without resorting to bankruptcy. Done With Debt has one goal: end debt permanently and quickly.

Done With Debt’s advice.

Before making any decisions or payments, gather as much information as possible. DoneWithDebt.com is offering a free consultation to Vigilant News Network readers. Talk to one of their experts and explore all your debt relief options. You can free yourself from the debt and the stress and finally get some sleep.

Click here to get out of debt easier than you thought possible.

Sources:

https://www.newyorkfed.org/microeconomics/hhdc

https://www.newsweek.com/credit-card-debt-fears-poll-1853044