In other words, we’re not making enough money to cover the expenses we take on.Beyond keeping up with daily expenses, irresponsible spending has taken a toll.
You can find free or low-cost credit counseling options at: Under the provisions of the Servicemembers Civil Relief Act (SCRA), you may qualify for a reduced interest rate on mortgage payments or credit card debt, protection from eviction, or a delay of all civil court actions, such as bankruptcy, foreclosure, or divorce proceedings.
To find out if you qualify, contact your local Armed Forces Legal Assistance office.
Interest rates do not appear on a credit report; therefore, the interest rates on your credit cards do not affect your credit worthiness or credit scores.
While consolidating those debts into a single payment with a lower interest rate can help you pay off debt faster, you should be wary of companies offering debt consolidation plans.
In other words, if you used credit to buy a home and get a college education, you are on the good side of debt. According to a study by the Pew Charitable Trusts, 69% of American consumers view debt as a necessity, but prefer not to have it.