December proved to be a huge month in terms of consumers taking on more debt. The Federal Reserve reported earlier this month that borrowing in December rose by nearly $19 billion. That represents the biggest increase since February.
Have you ever had a banking error screw up your life? It doesn't happen often perhaps, but when it does, the headaches can be monumental. Just trying to get the balances squared away can be a huge challenge.
The following scenario is not just imaginary. It really happened, which is why we share it. What may be most interesting to Arkansas readers is that the story is that of a professional debt counselor and money adviser.
Even though there are some positive indicators about U.S. credit card debt (six out of the last seven quarters have seen year-over-year improvement, for what that's worth), there are still plenty of Americans all across the country who have vast amounts of credit card debt. The average household has roughly $6,700 in credit card debt, and in 2013 Americans racked up $33 billion in credit card debt. It's a financial area that many people need help with, so that they can turn their troublesome relationship with their credit card into a healthy one.
A lot of people in the Little Rock area get into tight financial situations on occasion. The tension can be massive for someone who has never been in such circumstances before.