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91 votes.
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The
weather front is changing in the economy. Consumers have a unique opportunity to act now and prepare for a possible storm. Clark reads reports on gloomy statistics from the http://www.DismalScientist.com: - More than one in five American homes with income averages ranging from $35K to $50K are carrying mountainous debt. This type of debt means that .40 cents of every $1 earned goes to pay only the interest on the debt. - Many consumers are paying off debt with a cash-out refinance of their home. Most Americans apply only 33% of that cash to improve their homes; 20% is spent on stuff; 20% is put into investments and 30% goes toward paying off other debts. This is not the way to pay off debts. You cannot borrow or re-arrange your debts to pay off other debts. Taking the cash from refinancing a home puts your wallet and your home at risk. It's time to re-think how you handle money. Are you in a danger zone? Look at your finances and see what you can eliminate from your spending patterns. Do it now before the rainy days come. |