Last year was very rough on American consumers, as well as people around the world, due to the unprecedented circumstances we all faced.
Some consumers reacted to financial hardship by spending more carefully and paying down debts. However, for many more Americans, credit cards and loans were the only way to keep afloat. Furthermore, many Americans were unable to make their debt repayments so they fell even further behind.
In 2020, total consumer debt topped $14.35 TRILLION dollars – and all-time high. In addition, the total average household debt rose to $145,000 from roughly $140,500 in 2019. But as debt rose, Americans reduced their debt repayments as a percentage of household income.
Simply put, Americans accrued more debt in 2020 that they are not able to pay off.
Now, take a deep breath.
While debt can be scary, there IS a way out. A solution is possible and achievable by working with a certified Reliance Services financial coach.
The biggest mistake people make when dealing with finances is not having a plan. With Reliance Services in your corner, you can face your finances and get your life back on track.