provided by Published 3:00 pm CST, Thursday, January 3, 2019 MoneyTips According to the latest Household Debt and Credit Report from the New York Federal Reserve, America’s total household debt has surpassed $13.5 trillion. Do you sometimes feel like $13 trillion of that debt is yours? Based on a recent survey by LightStream, almost one-quarter (23%) of Americans believe that it’s nearly impossible to climb out of significant debt once you acquire it. The sense of hopelessness can lead to bad decisions and a treadmill of running debt. In that harmful mindset, $13,000 might as well be $13 trillion – you’ll never pay it off anyway. Don’t let despair blind you from alternatives. According to LightStream senior vice president Todd Nelson, “People who are carrying debt often overlook cost-reducing solutions.” Nelson adds that debt consolidation can be a smart strategy that can benefit Generation Xers (ages 36-51) with good credit. Why does Nelson highlight Generation Xers? LightStream found that while large majorities of adult generations carry debt, Generation X has the largest percentage of debtors at 80%. They also have the highest non-mortgage debt of all generations ($30,334, according to Experian data), and 25% of Generation Xers aren’t confident in the… Read full this story
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