Debt costs
March 20, 2020
I’m Miriam Neff-with STARTING OVER FINANCIALLY, and I’m Valerie Neff Hogan, and we’re here to talk about money
M The average American household carries more than 15,000 in credit card debt. We know that the costs take a large chunk out of the income simply to cover interest charges. But there is another great cost.
V Carrying debt is more than a financial burden. Hopelessness can set in. “I can’t get out from under this.” Which may mean, pay the minimum, it keeps going up and hopeless increases.
Here’s hope. Their are organizations to help. As an example with some companies, a chunk of your income goes to them. They pay regularly, AND they negotiate with credit card companies for forgiveness and lower interest. But fully vet a company before you do this.
M Better to get help with discipline than stay in debt