How Arizona Consumers can stop the Debt Cycle and Start Using Credit Responsibly

Arizona consumers with unmanageable debt loads should work to bring their balances down. That doesn’t mean they should stop using credit altogether. Responsible credit use is the only way to build and maintain good credit, but you don’t want to spend the rest of your life shackled to debt and paying out the nose on interest charges. Unfortunately, a lot of Arizonians who’ve built hefty amounts of debt have just resigned themselves to their current situations. They don’t see an end to the debt cycle, so they just accept the fact that they’ll be in debt for the rest of their lives. However, it doesn’t have to be this way. With careful budgeting and a willingness to restrain excessive spending, heavily indebted Arizona consumers can pay down high credit card balances, save money on interest charges, and start using credit as a tool to build a better credit score. How Most Arizona Consumers Start the Debt Cycle with Credit Card Abuse In 2017 the Northwestern Mutual Planning and Progress Study revealed that the average American carries about $37,000 in debt. This includes mortgages, student loans, personal loans, auto loans, and credit card debt. According to the same study, about half of those who are indebted in the U.S. regularly devote about half of their income to debt repayment. Of course, there’s little that you can do about having a house or car payment. You need a place to live, and most Arizona residents need access to a vehicle. At best, you may be able to refinance your current mortgage or loan in order to get a better interest rate....