Exploring the Perilous Rise of US Consumer Debt & Smart Methods to Overcome It

Have you ever wondered where the US economy stands in terms of consumer debt? Let's explore together the alarming trends piling up around us. Kirk and I, Jacob, take a deep look into a stark report from JP Morgan which highlights the rising consumer debt, a ticking time bomb that could potentially blow up the American economy. We examine how this issue is plaguing the bottom half of earners, impacting their ability to contribute to economic growth and leaving them in a vicious debt cycle. We also discuss an intriguing Bankrate article that reveals an unsettling surge of 8% in credit card balances carried from month to month over the past two years.

That's not all. Feel the gravity of the situation as we analyze the fallout from the recent suspension of federal student loan payments due to the COVID-19 pandemic. We bring to light the harsh reality of how this has led to an accumulation of debt for many, potentially triggering an economic downturn. Don't fret though, we've got your back. With our handy budgeting strategies and debt consolidation tips, you'll be well equipped to navigate these troubled financial waters. We discuss tactful ways of restructuring and repaying debt, like the balance transfer option for those with good credit. Tune in for these enlightening insights and invaluable strategies to master your finances.

Have questions about managing your financial lifestyle? Email Jake@youandifinancial.com and Jake Rivas may read your questions on the show!

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Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. Fixed insurance products and services offered through CES Insurance Agency. Actual performance and results will vary. These interviews do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed. Consult a Financial Advisor regarding your specific circumstances. I*financial is located at 1901 NW Military Hwy. STE. 102. San Antonio, TX 78213. Phone number 210-342-4346