The American way of life has necessarily come to include debt: if you buy a house, you will have one, if not two, mortgages. If you buy a car, you will most likely get a loan or lease the vehicle. If you get a college degree, chances are you have student loans. As this article points out, many Americans have become a slave to debt.
While debt is a necessary evil in our daily lives, the question becomes how much debt is too much. As Item #8 on this article points out, according to the debt calculator available on the Federal Reserve’s website, if you have a debt of $10,000, at an interest rate of 13.1%, making the minimum payment each month, it will take you 27 years to pay off that debt. As Item #5 points out, the average American family that carries credit card debt, will carry almost $16,000 of debt. Therefore, one can expect to be making payments to their creditors for the next 30 years if making the minimum monthly payment, assuming they do not incur any additional debt. Many will be paying on their credit card debt for as long as they are paying on their mortgage! When put into this perspective, many Americans should consider contacting a debt settlement attorney to help them negotiate down the balances on their debt. By eliminating debt and getting it paid off faster, one no longer needs to be a slave to their debt…well, at least their credit cards.