Lower credit card debt consolidating

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Putting money in one of these accounts means you’ll save on taxes and have cash on hand for medical bills.The Fed’s most-recent Survey of Consumer Finances, released in October, showed an increase in the number of U. households with credit card debt: 43.9% in December 2016 compared with 38.1% in December 2013.Four major spending categories have increased faster than income growth since 2007: medical expenses (34%), “other” expenses (30%), food and beverages (22%) and housing (20%), according to Nerd Wallet’s analysis.[7]And these expenses are some of the biggest for many Americans.

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That's actually good news: It means they can take steps to stop buying, pay down their balances and cut their interest costs.To determine how much debt Americans are carrying and how much it’s costing them in 2017, Nerd Wallet analyzed data from several sources, including the Federal Reserve Bank of New York and the U. Census Bureau (see additional details in the methodology below).For this study, Nerd Wallet used an estimate of almost 127 million U. households based on September 2017 Census Bureau data. In the survey, Americans were asked about their credit card payment habits and how they got into debt.Add in the higher cost of living in some places or chronic health problems, and it can be even harder for people to live without going into debt.When it comes to credit card debt, some people think it’s the result of overspending, while others blame it on the rising cost of living for necessities.

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