Lower Costs of Owning Your Debts & Rely Less on Credit Cards for Essentials
Nearly half (40%) of low- and moderate-income families rely on credit cards for basic needs like rent/mortgage payments, groceries, utilities, or insurance. In households that have annual incomes of less than $50,000, it’s 45%.
That’s the fact reported from a study discussed in a recent TIME Moneyland article about the growing reliance upon credit cards by more American families. The article is summed up as stating:
It’s a safe bet that many of the households struggling with chronic unemployment will turn to increasingly available credit to alleviate a current cash crunch, only to set themselves up for a long-term cycle of debt.
How about you?
Are you seeing the signs of such a cycle beginning in your life? Or, do you now find yourself in the eye of the storm? Is there a growing (or present) reliance upon your credit cards to pay for essentials like food, fuel and home? If so, unless you’re fortunate enough to be able to pay off those charges each and every month, those things get more expensive every month as interest charges and the myriad of other potential fees get tacked onto the balances you still owe.
Ready to find a way that can put an end to your growing debt cycle? Looking for some breathing room in the moments that come between the paychecks? Let us show you the first steps.
Take your debts, be they credit card, automotive, home, or otherwise. Make the cost of having those debts less so you can actually start making progress in getting rid of them instead of watching them go higher month after month.