Average Debt in NY and How to Get Out of Debt

Consumer debt may be as American as apple pie. As of the latest count, 189 million of us have at least one credit card. That equates to nearly 60% of the U.S. population. The popularity of credit cards has led to a growing debt crisis in this country with debt in NY outpacing 46 other states.

The numbers are staggering. For the first time since the recession of 2008, credit card debt has crossed the $1 trillion mark. According to the state comptroller, New York accounts for almost 6% of every dollar charged on plastic; to the tune of $58.2 billion. The total debt load ranks fourth in the nation. Per individual, New Yorkers carry a personal debt load 20% higher than the national average of $3,710.

For many families, credit card debt accounts for only a portion of their unsecured debt. Personal loans and collections bring debt burdens even higher. Add an average of $579 per person in medical bill obligations, debt in America is once again crippling consumers. Fortunately, there are steps you can take to get out of debt.

Build a Budget

To get to where you want to go, you need to know where to start. When it comes to personal finances, a budget is your starting point. For many individuals, budgets may feel limiting, restrictive, or suffocating. But, in practice, budgeting is a very liberating experience.

Debt is what holds someone back, not budgets. Having amassed credit card or debt obligations that you are struggling to pay back prevents you and your family from achieving your goals. Establishing a budget puts you back in the driver’s seat. Once you see where your money is being spent, you can adjust. Simple changes, like cooking more at home, buying in bulk, or smartly using coupons can go a long way to get out of debt.

A budget is simply a list of accounting for where you plan on spending and saving your money. For example, knowing ahead of time your weekly grocery budget is only $100 will likely keep you from putting unnecessary items in your shopping cart. Your budget should be shared with your family with active participation by everyone.

Relief Program for Debt in NY

If you have completed a budget and found you do not have enough to pay the minimums on your unsecured debt, consider contacting a reputable debt relief company. Debt relief programs offer an alternative to bankruptcy. Experienced debt negotiators may help reduce your debt balances and guide you toward becoming financially independent.

It is important to seek assistance from an accredited and certified debt relief organization. If you or someone you love is struggling with debt and seeking ways to get out of debt, give us a call or contact us online to learn more about the options available.

Umbrella Debt Relief 1-844-389-6745
200 W. Palmetto Park Road Suite 200 Boca Raton FL 33432