Getting into debt is easy. Getting out of it is an entirely different story. If you find yourself in a position where you are neck-deep in debt, you know how hard it is to get out of it. This is mainly due to the way debts are designed to get you.
Obtaining debt is easy for anyone these days. All you have to do is fill a few applications, sign a few documents, and be ready to go. The financial institutions providing you the debt will also lure you by using fancy terms and telling you it is easy to repay the loan.
Are you wondering about how to Raise Credit Score by 200 Points? Money and credit are more of a necessity these days. You need them everywhere. But every once in awhile, we tend to mess up our credit scores, and having a good credit score is crucial to your monetary well-being.
You need a good credit score for purchasing a property, renting houses, taking loans, and many other finance-related tasks. This three-digit number has so much to do with your financial health and personal economy.
A credit score above 750 or 700 is a good credit score. The credit score from 350 to 600 is very poor, and you need to improve it as soon as possible.
There are 45 million Americans who currently owe a total of over $1.6 Trillion in student loan debt. That’s A LOT of money. I think it’s safe to say that many of you reading this probably owe money on student loans.
That’s not a bad thing, however! With that many people owing on student loans it means that more of our friends, family, and neighbors are able to go out and achieve some form of higher education!
No one wishes to owe debt to banks, credit unions or independent lenders, but due to unregulated spending and taking out loans, it isn’t that difficult to get caught up in the vicious cycle. However, it isn’t the end of the world – with careful planning; you can eventually become debt-free.
Almost every single person in this country is in debt. In fact, there are many people that aren’t even American citizens that owe some form of debt in this country. With Coronavirus causing more people to live off of borrowed money, consumer debt is well over $14 Trillion (with a T!)
Some people are able to pay this debt off properly. Some people struggle but they manage to get by. But what about people who simply cannot pay their debts at all? Well, for them, there are a few options.
These days consumer lending is a way of life. Your credit score will directly affect whether or not you can get a loan and what interest rate you will pay for borrowing that money. Credit scores can also affect many other aspects of your life:
Some property managers won’t let you move in without a credit check
You can’t work at certain jobs if you have poor credit
A majority of Americans’ credit scores are impacted by credit card debt. Why is this true? Well, 189 million Americans have credit cards. And a HUGE majority of those cards are in use right now.
In fact, the average credit card debt per household is around $9,000 as of the last count. However, those calculations were before Covid-19 which likely has many people living on borrowed money at the moment.