DEBT CRISIS! By Kim Clifford (AZ Credit Medix-Debt Action Plan Specialist)

Debt is out of control in our world as stated below. But, what is the status in your household? Facts and Statistics are meaningless without it actually hitting home. In fact, most people cannot even imagine the size of $1,000,000,000,000. (One trillion dollars). But, the person that has personal debt individually and living week to week might wonder how will he ever have enough money to pay his debt. What are his or her options?

Household Debt and Credit Developments in 2021Q3 *1

Aggregate household debt balances increased by $286 billion in the third quarter of 2021, a 1.9% rise from 2021Q2, and now stand at $15.24 trillion. Balances are $1.1 trillion higher than at the end of 2019 and $890 billion higher than in 2020Q3, and $2.57 trillion higher, in nominal terms, than the $12.68 trillion peak seen in 2008.

US DEBT Currently standing at $28.97 trillion *(USDebtclock.org)

Balances

Mortgage balances shown on consumer credit reports increased by $230 billion in the third quarter of 2021 and stood at $10.67 trillion at the end of September. Credit card balances increased slightly in the third quarter, by $17 billion, after an increase of the same size in the second quarter, and now stand at $1.02 trillion. Average credit balance stands at $6,241. Per holder. *(USDebtclock.org) Auto loan balances increased by $28 billion in the third quarter. Standing at $1.36 Trillion Student loan balances grew by $14 billion, coinciding with the start of an academic year. Standing now at $1.75 trillion.

What is your motivation for getting out of debt?

Kim Clifford AZ Credit Medix Debt Action Plan Specialists (888) 959-8893