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Your 3-Point Guide to Paying Off Debt

Your 3-Point Guide to Paying Off Debt

Finance
If there's one thing Americans are unquestionably familiar with, it's debt. Consumer credit card debt is now at an all-time high , with the average household on the hook for about $ 16,000. Yikes.Of course, the problem with credit card debt is that it can be extremely difficult to shake, especially when you have high interest rates working against you. But there's some good news: If you employ the right tactics, you can eliminate that pesky debt and stop throwing money away on interest. Just take it from a bunch of folks who managed to do just that.IMAGE SOURCE: GETTY IMAGES.How to pay off debtIf you're convinced you'll never break free from your nagging debt, consider this: Last year, 64% of Americans who set a goal to pay down debt wound up succeeding. That's ...
Credit card debt is costing you nearly $1,000 per year

Credit card debt is costing you nearly $1,000 per year

Finance
Three simple ways to pay off credit card debtThere's plenty to crow about in the economic picture right now: the stock market is charging ahead and the economy is expanding. But the bad news is that credit card debt is on the rise. Nearly half of Americans carry credit card debt, with an average balance of $ 15,654, according to an analysis by NerdWallet, based on data from the Federal Reserve Bank of New York and the U.S. Census Bureau. Credit card debt continues to be one of the costliest kinds of debt for us. Households pay an average of $ 904 a year in interest alone, assuming an average annual percentage rate of 14.87%. And the price is bound to go up. If the Federal Reserve makes its anticipated rate increase, that average cost of credit will go up to $ 919 a year. "Finding a way ...
How to get in the holiday spirit without going into debt

How to get in the holiday spirit without going into debt

Finance
For many people, getting into the holiday spirit means stringing twinkly lights everywhere, hosting parties plentiful with food and drinks, piling stacks of gifts for loved ones — and overspending.If you head into the season of giving without a budget, there's a good chance you'll come out on the other side with a holiday hangover in the form of debt.NerdWallet's Consumer Holiday Shopping Report shows that 27 percent of consumers who shopped during the 2016 season had no budget, and another 24 percent went over budget.The survey also showed that 56 percent of shoppers last year incurred credit-card debt, up from 48 percent in 2015."A lot of people are still paying off holiday debt from last year," said Kimberly Palmer, a personal finance expert with NerdWallet. "You don't want to be in tha
President Trump just claimed stock market gains actually offset national debt. They don't

President Trump just claimed stock market gains actually offset national debt. They don't

Finance
President Donald Trump on Wednesday said that, "in a sense," gains made by private financial markets reduce the national debt. The claim is incorrect on its face, but it does point to how the president views the economic interplay between the federal government and Wall Street."The country — we took it over and owed over $ 20 trillion," Trump said in an interview on Fox News, referring to the total national debt, which has hovered near $ 20 trillion since early 2016."As you know, the last eight years, [the federal government] borrowed more than it did in the whole history of our country," Trump said. "So they borrowed more than $ 10 trillion, right? And yet we picked up $ 5.2 trillion just in the stock market. Possibly picked up the whole thing in terms of the first nine months, in terms o
Incoming boss of India's SBI says bad debt numbers “will look better”

Incoming boss of India's SBI says bad debt numbers “will look better”

Finance
MUMBAI: Tackling bad loans will be a priority for India's largest bank, said the newly appointed chairman of State Bank of India, Rajnish Kumar, addressing his first press conference since the appointment was announced late on Wednesday. SBI, which accounts for more than a fifth of India's banking assets, has seen bad loans rise after it absorbed five subsidiary banks earlier this year. Kumar said SBI had tackled issues that came as a result of that deal and would see asset quality numbers "looking much better". Kumar replaces Arundhati Bhattacharya, who implemented major reforms during her four years at the helm and became one of India's most high-profile executives. Let's block ads! (Why?) Banking/Finance-Industry-The Economic Times