Listen Now: Why You Should Give Your Credit Card a Break This December
Taking advantage of holiday deals? You might want to give your credit card the season off.
According to Lending Tree analysts, consumer debt is on pace to hit four trillion dollars by the end of 2018; a one trillion dollar increase over the past five years.
Of that number, just over one trillion is revolving or credit card debt and about three trillion is non-revolving debt such as student and auto loans. And if you are thinking of putting your holiday shopping on a credit card consider this; interest rates are at an all time high at sixteen to seventeen percent.
And those are expected to increase another three or four times by the end of next year. However yahoo finance says there is some help if you’re looking to get out of debt.
Consider cost effective debt solution experts from free credit counseling services. If you’re a student and wondering how you’re going to pay off your loans most universities offer a student debt crisis unit to help come up with a plan.
And remember, as you shop, it’s always the thought that counts.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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