2017 Sets Record Highs.. Home Values, Stock Market, Bitcoin …….. and DEBT?!

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  • 2017 Sets Record Highs.. Home Values, Stock Market, Bitcoin …….. and DEBT?!

The Institute of International Finance (IIF) reports that, in the third quarter of 2017, the global debt grew to a record high of $233 trillion.

The main protagonist of this “debt apocalypse” is, once again, credit card debt – affecting roughly 31 million Americans (about 35% of adults).

U.S credit card debt reached $1 trillion in 2017 – a new all-time high!

This equates to roughly $15,000 per U.S. household. To put this in comparison, U.S. credit card debt was $800 billion in 2008 — before the crash.

What does this mean?

Per a new report published by CreditCards.com, more than 68% of U.S. adults struggle with debt, 30% feel like they will never be free of debt for the rest of their lives, and 38% of them have no idea how or when they could clean their slates in the foreseeable future. The most optimistic Americans (the remaining 32%) say that they would need no less than nine years to clear up their credit lines. The percentage of adults struggling the most: the Silent Generation (72+) and Baby Boomers (53-71), with an 83% and 70% rate, respectively.

If I have debt, what can I do?

While this may sound dire, debt resolution can often be much less painful than people fear. Many homeowners with credit card debt may be able to refinance their home – the U.S. real estate market has nearly $5.5 trillion in equity – with interest rates still near historic lows.

Debt settlement, credit consolidation, and bankruptcy are also possibilities — and are often much more successful than people think.

If you have questions regarding any kind of debt – whether credit cards, student loans, or otherwise, please give us a call for a FREE CONSULTATION.

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