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Is Debt the Quintessential American Experience?

According to ABC news “Debt is the quintessential American experience these days.” It is a four letter word that can ruin your life, and most of us experience it at some time or another.

The average American owes about $225,000, and the median household income is barely over $53,000. Average credit card debt alone is $15,000.

The article by ABC discusses how debt can lead to a bad credit score and hurt a consumer’s ability to get low interest loans for a car or home, or even make it harder to get insurance. Even worse – apparently some utility companies are now forcing consumers with bad credit to pay a deposit to turn their electricity on.

Read more here: http://abcnews.go.com/Business/letter-word-ruin-credit/story?id=22725318

Debt can have harrowing effects on one’s life, especially high interest debt. Don’t let it ruin your life. Contact an attorney who can help you get off the high interest treadmill and on a path toward freedom from debt.

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Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.