Many Americans are swimming in debt and getting in deeper than ever. One report suggests total household debt has risen to 13-trillion-dollars for 2017. Louisiana appears to be America’s capital of past due debt, with almost half of its residents in debt that has gone into collections. Professor of Economics at Xavier University of Louisiana Dr. Jose Bautista says a lot of workers aren’t making enough money.
Another reason credit debt is so high is the lack of a savings account. Dr. Bautista says most are left with no choice but to use credit cards for emergencies, but it starts a slippery downhill slide.
Medical bills are a large part of financial distress, especially if there isn’t enough insurance coverage. Dr. Bautista says get coverage to cover all your medical needs.
Dr. Bautista says the best thing for a person to do is to quit using credit cards, establish a savings plan and work up from there to try to eliminate debt.