How do you know if you have too much debt? Credit is a great way to get what you need when you need it, but many Americans are finding that credit can get out of control rather quickly.
Just look at the amount of advertising for refinancing, consolidation, credit counseling and credit cards.
You may not have any problem paying on your debts right now, but that doesn’t mean that you don’t have a credit problem.
Betty and John didn’t see it coming either. They lived as they liked, had several credit cards, two auto loans and a small mortgage that they were prepaying. They were able to make extra payments on all of their debts and thought they were doing well. If there was something they wanted, they just charged it and paid for it later.
Then Betty found that she was no longer able to work. A total surprise, they didn’t realize how much the second income really mattered until the monthly bills started coming in. Suddenly, they found themselves unable to pay their bills.
John and Betty were better off than most. They budgeted and used their savings to pay off all of their revolving debt in one year. Today, they are on the...
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