Insane Poll Shows How Americans Feel Financial Pressure With Biden

Written By BlabberBuzz | Wednesday, 05 January 2022 22:45
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Forty-four percent of Americans ages 18-34 feel like they are “drowning in debt,” according to a survey administered by Select and Dynata, reports CNBC.

Americans have around $804 billion in credit card debt, according to the latest consumer debt data from the Federal Reserve Bank of New York.

That’s a $17 billion growth from $787 billion in the second quarter of 2021.

Kristen Ricupero, a financial coach and advisor at Financial Fitness Coaching, told CNBC that chipping away at the debt doesn’t have to be complicated.

“It doesn’t need to be big to be effective,” Ricupero explains. “Money is more emotionally and behaviorally charged than it is about the numbers.”

“Too often the problem of feeling saddled by debt isn’t because we don’t make enough money to eliminate it, but because we don’t know where to start or where our money is going,” Ricupero said.

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If you feel like you’re drowning in debt, she encourages you to start by simply looking at your bank account so you can get a clearer understanding of your past spending. Doing this can help you see your purchasing habits and reveal categories where you may be able to cut back your expenses. One of the goals is to find excess money that can go toward your debt.

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According to CNBC, most people who feel crushed by debt have balances on multiple accounts, including student loans, car loans, or credit card loans.

Ricupero says paying one loan off will help in the long run.

You need to make at least the minimum payments on all your other debts in order to keep your accounts current — and your credit score stable. After that, figure out the best debt repayment plan for you.

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You can choose to pay off your smallest balance first (snowball method) or focus on the debt with the highest interest rate (avalanche method).

Once you calculate out how much extra cash you have to put toward your debt, Ricupero suggests you just put it toward one debt. Spreading out that extra cash to pay off multiple balances at once is one of the “biggest mistakes” she notices that keeps people in debt longer.

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“The impact on the principal is greatest when you put everything toward one debt,” Ricupero says. “You’ll make faster progress, causing you to want to continue on the path when you focus on one at a time.”

The report comes amid surging food prices and skyrocketing inflation.

If you have a revolving credit card balance, you might want to focus on it first, given credit cards’ notoriously high interest rates. “Interest can quickly compound and grow each month,” says Leslie Tayne, a debt-relief attorney at Tayne Law Group.

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