How Much Money Is Your Debt Costing You?

Americans spend 24% of their income on debt payments alone. One of the best ways to add more money to your monthly budget is to cut down on unnecessary interest payments as quickly as possible.

• Consumer Credit Counseling offers debt management and consolidation plans in addition to a variety of articles and calculators to help you determine how much your debt is costing you. Call 1-866-889-9347 to start reducing your debt immediately.
• Arizona Saves is a local non-profit that provides financial education classes, coaching and workshops. To find a listing of classes in your area or to sign up for a no-fee savings account call (602) 246-3500.
• Feed the Pig offers helpful tips on how to create and stick to a budget and to calculate the savings of little changes you can make in your daily life.
• There are many people and companies out there trying to cash in on struggling families during these tough economic times. For resources on how to avoid scams and predatory practices visit the Arizona Attorney General's Website. Freddie Mac has additional resources on how to spot a scam at Don't Borrow Trouble.
• One of the most costly debt traps are payday loans and they are a particular threat to families in this time of economic crunch. What many people don't know is that payday loan debts typically cannot be included in debt management programs offered by credit counseling services. Here are some links with educational information and alternatives to payday loans.
  • Responsible Lending
  • National Credit Union Foundation
  • Credit Info Center

  Source: Feeling the Econonic Crunch? www.Arizona211.gov online 28 Jan 2009.