Sinking in Debt? Skip Debt Consolidation Companies and Head to a Credit Union Credit Unions Online
You’ve gotten to the breaking point where you can’t imagine trying to dodge one more call from a collection agency and need relief immediately.
Unfortunately this sinking feeling is all too common across the heartland today. According to a recent survey by Bankrate.com, four out of 10 Americans are on the verge of financial collapse, with 25% of survey participants reporting that they owe more on credit cards than they have saved for an emergency.
Surprisingly and most alarming, those supposed to be on the brink of retirement were more likely to have more credit card debt than savings.
"These are the people who are supposed to be getting ready to retire. This may be an indication that they are not really ready," says Mackey McNeill, CFA, president and CEO of Mackey Advisors.
Unfortunately what may be occurring is this pre-retirement group may be helping their children to stay afloat as the economy struggles to recover. Bankrate.com’s survey reported that 31% of the survey respondents who had children have credit card debt that is higher than their savings.
American Consumer Credit Counseling
This video describes what a consumer in debt should look for when seeking the help of a credit counseling agency. It also outlines the services ...
