| February 15, 2012

U.S. Consumer Debt Highest in 10 Years

ConsolidatedCredit.Org Proposes Halt on Credit Card Spending

Consumers weren’t shy about spending this holiday season, as the latest consumer credit report reveals a nearly 10 percent increase in overall consumer debt. According to the Federal Reserve, consumer borrowing surged in November by $20.4 billion raising the consumer debt total to $2.48 trillion. Financial experts at Consolidated Credit advise consumers to reexamine spending habits.

With more consumers turning to credit for purchases, revolving debt showed an 8.5 percent increase. credit card debt accounts for almost all of revolving debt, which rose by $5.6 billion to $798.3 billion. This was the largest percentage jump since March 2008.

Still, while American households are feeling better about the economy, in reality unemployment is still high. Now more than ever families need to work at saving and paying off any outstanding debts.

Nonrevolving debt significantly increased 10.7 percent landing at $1.68 trillion. Nonrevolving debt includes auto loans and student loans, as well as loans for mobile homes, boats, and trailers.

This is concerning as we head into the last few months of the year. November kicks off the holiday shopping craze with Black Friday and Cyber Monday falling towards the end of the month. Consumers turned to credit for purchases they couldn’t otherwise afford. As the bills begin to roll in, consumers may find themselves unable to pay them off. It’s good to see an increase in consumer spending but never is it worth going into debt.

Consolidated Credit’s Tips for Paying Off Credit Card Debt:

    1. List all debts. Make a list of all credit card accounts include the account number, interest rate, outstanding balance, payment due date, credit limit and the minimum payment. Not only does this keep things organized but it better prevents bills from being late or unaccounted for.

 

    1. Pay more than monthly minimum. Try to pay more the than just the minimum amount due. Any amount paid over the minimum goes directly towards the balance owed. This allows debt to be paid off faster reducing overall interest.

 

    1. Make payments on-time: Falling behind on payments only causes unnecessary fees. Set up automatic payment plans to avoid late fee charges.

 

    1. Avoid accumulating new debt. Now is not the time to apply for new credit cards or loans. Focus on paying off debt already established. It’s difficult to get out of debt when new debt is mounting. Use cash for purchases rather than credit.

 

    1. Pay off high interest rate debts first. The most efficient way to resolve debt is by paying down the highest interest rate balances first. Once high-interest debt is paid down, tackle the next highest, and so on. Continue paying the minimum due on all other debts.

 

    1. Don’t hesitate to ask for help. There are reputable debt-counseling agencies that consolidate debt and teach individuals to manage their finances better. Consolidated Credit conducts a free debt analysis and dispenses free advice on a daily basis. If someone needs help they can speak with a counselor with no obligation or visit ConsolidatedCredit.org.

 

Consolidated Credit founded in 1993, is one of the nation’s largest credit counseling organizations in the country and has helped over 5 million people with financial issues. Their mission is to assist families throughout the United States in ending financial crisis and solving money management problems through education and professional counseling.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

All Consolidated Credit counselors are certified personal financial counselors (CFC) We've helped 5 million people get out of debt! Call us today and see what we can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

The National Industry Standards for Homeownership Education and Counseling are a set of guidelines for quality homeownership and counseling services. Industry professionals who adopt these standards can be trusted to provide consistent, high quality advice.
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Consolidated Credit Consulting Services, Inc. has been verified as the owner or operator of the Web site located at www.consolidatedcredit.org. Official records confirm Consolidated Credit Consulting Services, Inc. as a valid business. Call us today and see what we can do for you.

Consolidated Credit is a Certified ISO 9001 company, as verified through Bureau Veritas Certification.

Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Consolidated Credit is proud to be an ANAB accredited member. Accreditation by a recognized and respected body such as ANAB ensures the impartiality and competence of our company. To see what we can do for you, give us a call.

U.S. Department of Housing and Urban Development - HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. Consolidated Credit is proud to be a member of HUD and also part of the Hope Now Alliance.

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