Get out of Debt
Roughly one in six Savers has selected paying off consumer debts as their wealth-building goal. That does not come as a surprise since a 2012 survey showed that 45% of families with annual incomes under $50,000 are relying on their credit cards to pay for basic needs such as rent, utilities, insurance and food. Large consumer debts can also keep you from saving and building wealth.
The good news is that there is hope. With planning, discipline, patience, and maybe some outside help, almost anyone can reduce their debts and start to accumulate wealth.
Are you in Trouble?
If you answer “yes” to any of the following questions, then you probably need to get your debts under better control:
- Can you only afford to make minimum payments on your credit cards?
- Do you worry about finding the money to make monthly car payments?
- Do you borrow money to pay off old debts?
- Have you used a home equity loan to refinance credit card debts, then run up new revolving balances on your cards?
The following pages will help you learn more about debt, how to get out of debt, and where to find help:
- What is debt and why is too much debt costly?
- How do I get out of debt?
- Help me with debt: Where to get help with debt
- Holly Petraeus on Military Saves Week
- Tax Saving Tips and Savings Bonds
- Cindy Hounsell on Why Women Need to Save More for Retirement
- Asst. Sec.of Labor Borzi endorses America Saves
Kojuan Almond from the SSA on America Saves