The financial storm that began in 2008 is now letting up. Young people have started finding full-time work and are looking to buy houses. For the first time in years, Americans are starting to see gains in the value of their homes. If you’ve been carefully managing your debt, you might find that you have an untapped line of credit: the equity that’s in your home.
The most annoying part of credit card debt is the monthly statement. It’s a dense plate of word salad served with a heaping dose of guilt dressing. The only part of it that’s easy to understand is the “payment due” – and that’s just the way credit card companies like it.
The Federal Reserve reports that American households carry an average credit card balance of $7,115, with debt holders averaging $15,252. About half of households regularly maintain a credit card balance.
Credit union members save about $10.2 billion annually, averaging $96 per member or $183 per member household, according to the Credit Union National Association.
