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Swimming in Credit Card Debt? Here Are Your Best Options.
As of 2017, Americans’ total revolving debt (typically summarized as credit card debt) was estimated to be over $1 trillion dollars. That's a one with twelve zeros. So if you are struggling with getting out of debt, clearly you are not alone. Does any of this sound familiar? Maxed out credit cards. Getting new cards, only to max those out and now you have double the debt. Paying the minimum on your cards each month, meaning you are only paying the interest and your card will be paid in 312 months. Terrified to check your credit score, so you don't. It's a vicious cycle and trust me when I say, credit card companies know what they are doing.
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10 Ways to Avoid Credit Card Debt
Anyone who has a credit card risks carrying too much credit card debt. Once you've accumulated too much credit card debt, it can take several years and lots of sacrifices to pay it off. As you use your credit cards, keep these tips in mind to avoid getting yourself in over your head.
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Despite headlines touting America’s booming economy, the reality is that millions in the US are living in financial uncertainty.
Prosperity Now Findings on Economic Well-being
The 2019 Prosperity Now Scorecard shows that too many families are either struggling to make ends meet, or are just one emergency away from a financial disaster. Forty percent of American households lack a basic level of savings. According to the Scorecard data, these “liquid asset poor” households don’t even have enough savings to live at the poverty level for three months if their income was interrupted. The data is even worse for people of color, with nearly 57% of households of color being liquid asset poor.
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Many Americans are only one missed paycheck away from poverty.
One Paycheck Away From Poverty
"This is not a problem of just low-income people -- this is a problem of middle-class people and even people with higher income without enough savings," Wiedrich said. "If they hit a shock, they are in the same boat. Maybe they can't pay their mortgage" or must make choices about what bills to pay. Millions of middle-class Americans are just one missed paycheck away from poverty, with 4 of 10 considered "liquid-asset poor," or without enough money socked away to cope with even a sudden disruption in income.
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Forget Payday loans, try Honey Bee instead
Honey Bee
In 2016, HoneyBee was born with a promise to offer short-term, no interest loans for employees by using the cash reserves from paid vacation time not taken as collateral. To access the loans, employees would only need to pay a nominal fee of 5% (with a max ceiling of $50) and it was set up so that employers wouldn't need to pay anything to offer the program to employees.
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Just Say No to Payday Loans
Say No to Payday Loans
For some people payday loans are the only option, but before you sign on the dotted line there are some things the Better Business Bureau would like you to know. "That can be so damaging long term, to start this downward vortex of debt that's tough to get out of,” said David Smitherman with the Better Business Bureau.
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Aid for Shutdown workers
Some banks come to the aid of government workers
Banks, credit unions offer loans with low interest rate to government workers hit by shutdown Amid the stalemate in Washington, credit unions and banks across the country are making accommodations for government employees. Launch Federal Credit Union is issuing zero-percent interest rate loans of up to $3,000 to employees of the federal government. Some banks also are waiving certain fees and allowing customers to break certificates of deposit early.
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Americans Are Carrying More Credit Card Debt Than Ever
Revolving Credit Card Debt Rises Again
The average American household carries roughly $7,000 in revolving credit card debt, according to the 2018 household debt report by NerdWallet. Last year the figure was $6,081. Revolving debt is defined as a balance that is carried from one month to the next. This year’s report focused on revolving debt because it is a “more accurate indicator” of financial hardship, NerdWallet said.
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How to Save Money on a Budget
A recent article from Bankrate that helps anyone looking to save money on a budget. They use different strategies and examples to help create a useful budgeting plan.
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Shelters to Shutters
Multifamily Has Many Reasons to Lend a Helping Hand to the Homeless
With its collection of exceptionally bright, hardworking people and its abundant resources, the multifamily industry should not be shy about stepping up to the plate to help address this critical issue.
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LA Times
Eviction Law is Pushing Working Families Out of Their Homes or Worse...
Every weekday, poor people in Los Angeles are herded by the dozens into a downtown courtroom so they can be evicted. Sooner or later, the landlord almost always wins.
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Curbed LA
Finding Architectural Solutions to LA’s Homelessness Crisis
With homelessness in the city reaching epidemic levels, can the many creative architects and builders who call LA home can contribute to growing efforts to alleviate the crisis. (image MADWORKSHOP)
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The Penny Hoarder
Nonprofit Will Pay You for Saving Money
We all know building habits is hard. And few are harder to build than the habit of saving money. But what if someone paid you to save? Would that get your attention? We recently discovered a program that’s paying 14,000 people to save money. And you could be next… (image Carmen Mandato/ The Penny Hoarder)
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Forbes
7 Areas Of Your Financial Life That May Need Some Spring Cleaning
With the first day of spring in just a few days, this is often a time for some much-needed spring cleaning. It can be a good time to get rid of old clutter in your life to make room for the new (future clutter).
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The Resident Relief Foundation
We exist to be the bridge that helps responsible residents stay in their homes during a singular, unexpected financial emergency.
Whether it’s a temporary job interruption, an auto accident, a medical emergency, a victim of a natural disaster, or something else, our desire is to provide qualified residents with housing stability during a chaotic time and help them avoid eviction, a forced move, or, worse, becoming homeless.
Copyright ©2018 The Resident Relief Foundation, a 501(c)(3) nonprofit. Tax ID #82-1521845