The Motley Fool

JUNE 19, 2024

These can add up fast, resulting in costly credit card debt. Unfortunately, credit card debt is a growing problem for many Americans. Let's explore how much credit card debt the average American has and discuss the best strategies to tackle this type of debt. Unsurprisingly, many Americans have debt.

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The Motley Fool

JULY 25, 2024

Image source: Getty Images It's a pretty common thing for people to have debt, whether it's loans incurred in the course of getting a degree or a mortgage to finance a house. But there's a big difference between installment loans with a fixed interest rate and monthly payments vs. credit card debt. Now it's easy to see why.

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The Motley Fool

AUGUST 23, 2024

Image source: Getty Images Retirement is supposed to be the golden age of kicking back with a lemonade (or something stronger) on the porch, not dodging calls from debt collectors, or crying into your monthly budget. But adults between the ages of 65 and 74 have an average debt of $134,950. Other debts: To pay or not to pay?

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The Motley Fool

APRIL 30, 2024

trillion in credit card debt. 245 billion in personal loan debt. These are just a couple of figures showing how much debt U.S. Now in reality, it's possible to land in debt despite being financially savvy. Image source: Getty Images $1.05 consumers were carrying as of the final quarter of 2023, according to TransUnion.

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The Motley Fool

AUGUST 23, 2024

trillion in credit card debt, according to the Federal Reserve Bank of New York. Those high APRs make it all too easy for credit card debt to become unmanageable. How to tackle your credit card debt Carrying a balance on your credit card is a heavy financial weight. And, if the APR is lower, it can reduce the cost of your debt.

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The Motley Fool

OCTOBER 13, 2024

74% of people felt less stressed using a financial advisor An Edelman Financial Engines survey found that 74% of people say they feel less stressed about their finances because they work with a financial professional. The biggest stressors for Americans right now are inflation, the economy, and personal finances.

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The Motley Fool

APRIL 12, 2024

A new survey from Laurel Road found that more women feel like they're falling behind on their personal finances compared to 2023. Why do so many women feel behind on their personal finances? Women in 2024 are more likely to feel "behind schedule" on finances Laurel Road surveyed more than 2,100 U.S. of average annual returns.

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The Motley Fool

JUNE 12, 2024

Unfortunately, many Americans have significant debt, which continues to grow. It may shock you to know how much debt the average American has. To better understand the problem, let's review some debt stats. I'll share some tips on what you can do to eliminate your debt sooner. Census Bureau. trillion since 2020.

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The Motley Fool

NOVEMBER 9, 2024

I recently paid off some credit card debt, and I know how difficult it can be to tackle the problem head-on. Debt snowball method This method has become a popular way to get out of debt, not just because it works but also because it makes it easy to stay motivated. Here are three tried-and-true strategies to do it.

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The Motley Fool

AUGUST 13, 2024

For the curious, there are simple ways to tell based on the state of your finances. There are steps you can take to improve your finances, such as using a budgeting app. Here are three ways to find out where you fall along the class spectrum, and more tips for improving your finances.

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The Motley Fool

OCTOBER 28, 2024

Carrying credit card debt High-interest credit card debt can be an easy trap to fall into, especially if you're struggling to make ends meet. Financially literate people know how easily debt can pile up when you're paying 20% interest. That $100 purchase can turn into thousands in credit card debt over time.

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The Motley Fool

MAY 4, 2024

Image source: Getty Images Many young adults are woefully unprepared to manage their personal finances. The International Federation of Accountants estimates that a lack of personal finance knowledge costs U.S. With each state that puts personal finances in the classroom, it seems increasingly likely. What's in the bill?

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The Motley Fool

SEPTEMBER 23, 2024

Burdened by a pile of debt, the company and its bondholders agreed last year to do a debt exchange that reduced $5.52 By reconfiguring the debt, the bondholders' notes were now fully secured by the company's assets. The bondholders were also able to get incredibly high rates of return on their debt: between 12% to 14%.

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The Motley Fool

SEPTEMBER 17, 2024

Canceling your credit card may help you curb unnecessary spending and alter your spending behaviors, giving you more control over your finances. You're going further into debt When you don't pay your entire statement balance in full, your credit card company charges interest. Otherwise, your debt will continue to climb.

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The Motley Fool

SEPTEMBER 13, 2024

His tough-love advice has helped countless people get out of debt and take control of their budgets. Ramsey's approach can be a bit extreme, and in personal finance, balance is key. Not all debt is bad debt Ramsey is famously anti-debt, encouraging people to pay off every penny as quickly as possible.

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The Motley Fool

APRIL 15, 2024

Experts often recommend the 50/30/20 rule , which says 50% of your after-tax income goes to needs, 30% to wants (non-essentials), and 20% goes to saving or paying off debt. Research from the University of Tennessee found that finances are a constant point of disagreement, even among happy people in happy relationships.

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The Motley Fool

JULY 30, 2024

A higher-risk acquisition financing strategy Occidental Petroleum sealed a deal to buy CrownRock last December, agreeing to pay $12 billion in cash and stock for the Permian Basin-focused producer. billion of new debt to fund the deal and assume $1.2 billion of CrownRock's debt. The company initially planned to issue $9.1

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The Motley Fool

JULY 13, 2024

They do their best to avoid debt Most millionaires eliminate all other debt besides a mortgage on their home. That means not carrying credit card debt from month to month or financing a new boat, ATV, or vacation whenever the whim strikes. They do everything within their power to pay off debt as soon as possible.

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The Motley Fool

NOVEMBER 2, 2024

It's one thing for a lender to check your credit score to see if you're likely to repay a debt. That puts less of a strain on your finances. The good news is that many carriers will allow you to finance a cellphone purchase. Another helpful move is to reduce your current credit card debt.

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The Motley Fool

AUGUST 24, 2024

net wealth, there are others about those who face homelessness, debt, and extreme financial stress. Myth 3: Boomers have paid off their mortgages and are debt free It is hard to get a foot on the housing ladder today. That's a mix of credit cards, car loans, mortgages, and other types of debt.

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The Motley Fool

JUNE 28, 2024

But that's not a great approach to personal finances in general. As it is, American consumers have far too much credit card debt. We can't necessarily attribute all of that debt to Target. And you may want to limit your shopping there, too, for the sake of your finances. As of the end of 2024, they owed a collective $1.05

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The Motley Fool

APRIL 8, 2024

Whether you plan to scoop up discounted gift cards for future gifts or shop for other deals, keep your finances in mind and only buy what you can afford. You want to avoid racking up credit card debt. For additional tips, review our personal finance resources. Credit card interest fees are costly and can add up quickly.

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The Motley Fool

NOVEMBER 11, 2024

Growing debt Another cause of living paycheck to paycheck is the rise of consumer debt. consumer debt balance increased to $17.1 The relentless accumulation of interest not only limits monthly spending power; it can also trap consumers in a cycle of debt, making it difficult to break free from living paycheck to paycheck.

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The Motley Fool

JULY 31, 2024

However, I didn't start measuring my net worth until years later, which is the actual number you'll need to know to see how your finances are faring. million , according to the Federal Reserve's latest Survey of Consumer Finances. million $192,700 Data source: Federal Reserve 2022 Survey of Consumer Finances.

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The Motley Fool

AUGUST 20, 2024

Getting a mortgage on a $1 million home To finance a $1 million home, you may need a jumbo loan. These are loans that exceed the annual limits set by the Federal Housing Finance Agency (FHFA). You'll need a solid credit score (usually 680 or higher) and debt-to-income ratio, healthy cash reserves, and predictable income.

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The Motley Fool

JUNE 10, 2024

Higher education is expensive , especially if you are like me and have no family money to send you to college and must rely on competitive grants and scholarships -- or take on debt to attend school (or both). Pursuing higher education can set your finances back for years. Discussing your finances isn't polite!"

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The Motley Fool

SEPTEMBER 8, 2024

Image source: Getty Images You can't trust all the personal finance advice you see on TikTok -- especially if it's telling you to commit financial crimes. Here's the problem: "Depositing bad checks and withdrawing cash before the bank finds out" is not some clever social media personal finance hack. It's a crime.

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The Motley Fool

MAY 7, 2024

Consider taking a break from your membership to reel in your spending before you rack up credit card debt. Review your needs and consider your finances Before renewing any membership, it's wise to consider whether you're still getting value from it. For additional tips, check out our personal finance resources.

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The Motley Fool

AUGUST 13, 2024

Image source: Getty Images Medical debt is no joke. have the most expensive healthcare of any country, but medical debt is the No. Medical debt can also play havoc on a person's budget and personal finances, causing their credit score to plummet and making it harder for them to get credit when it's needed.

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The Motley Fool

JULY 2, 2024

Your financial habits will help or hurt your retirement goals Chances are, it will be difficult to prioritize IRA contributions if you're deep in debt and struggling to pay the bills. It's easier to save and invest when your finances are in order.

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The Motley Fool

JULY 19, 2024

It's the sum of all your assets -- everything you own, such as cash savings, certificates of deposit, and retirement accounts --minus your liabilities, which include everything you owe, such as credit card debt, car loans, and student loans. million $192,700 Data source: Federal Reserve 2022 Survey of Consumer Finances.

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The Motley Fool

JULY 16, 2024

Keep my finances in check It's easier to contribute to an IRA when your finances are in good shape. For me, that means limiting my exposure to high-interest debt and not living above my means. If you're in a financial rut, you can still progress toward your IRA goals by reducing your debt and increasing your savings.

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The Motley Fool

MAY 5, 2024

Tracking your net worth can be a great way to stay on top of your finances and ensure you're making good progress toward building wealth. The most recent data from the Fed's Survey of Consumer Finances took a snapshot of the American public at the end of 2022. Your net worth is a snapshot of your current financial picture.

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The Motley Fool

OCTOBER 18, 2024

While it's not necessarily the most important factor when it comes to your finances, it can give you an idea of areas to improve. Then, subtract any debts and other liabilities, like credit card debt or student loans. However, if you have a lot of debt, your net worth could be in the negative. Image source: Getty Images.

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The Motley Fool

JULY 5, 2024

The problem with using credit cards, though, is that you might face exorbitant interest charges that trap you in a cycle of debt. Many of these plans offer low- or no-interest financing, leaving you with more affordable ongoing payments. It's just as important to know what rights you have as a consumer with medical debt.

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The Motley Fool

MAY 14, 2024

Add up the value of all your assets, subtract all your outstanding debt, and voila. For example, if you have $100,000 in retirement accounts , $25,000 in savings, and $10,000 in debt, then your net worth would be $115,000. The Federal Reserve provides the median net worth for these groups in its 2022 Survey of Consumer Finances.

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The Motley Fool

AUGUST 15, 2024

It added that it will use the proceeds of the deal to retire debt and for "general corporate purposes." Improving the finances Medical Properties Trust was a company in need of a good piece of news to deliver to shareholders. The REIT said the total initial cost of the 11 properties was $64 million, so it did well in the sale.

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