Reliance on credit pushes U.S. consumers to the brink
As of January U.S. consumer debt stood at 2.52 trillion dollars with households averaging 13 credit obligations from store cards to mortgages. Median income sits at 43,200, and typical credit card balances equate to about 5 percent of annual income. Experts warn of a shift from discretionary to essential charges, higher late fees, and tougher repayment terms.
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Johnson County Community College
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Marey Wilkins
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When to Declare Bankruptcy and Credit Score Pressures
Landlords employers utilities and insurers weigh credit reports in decisions. A 15 point score drop from 740 to 715 can raise a 200000 mortgage by about 33 monthly, 11800 over 30 years. Bankers cite Fannie Mae and Freddie Mac standards as recent tightening reflections of past lending excess.
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Baker
Tom Koenig
Central National Bank
Fannie Mae
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Getting Out Of Debt Advice From Experts
A compilation of debt relief tips from Suze Orman Oprah and agencies. Budget realistically and list all debts, contact creditors for plans, manage secured loans, prioritize high interest balances, close paid cards, cut discretionary spending, seek nonprofit counseling, and stay healthy to cope with debt. Local expert Marciana Vequist notes healthy habits aid budgeting efforts.
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Oprah
Federal Trade Commission
MSN Money
Credit ‘Counseling
Lawrence
Housing and Credit Counseling,inc
Marciana Vequist
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