Next Step Financial Coaching

Trending the wrong way 😕

5 things to know about declining savings, rising debt for American households Consumers saved at an unprecedented rate during the COVID-19 pandemic but now are spending down savings and getting more in debt

When I was a lender, 5 year car loans were rare and frowned upon...

The 7-Year Car Loan: Watch Your Wallet Americans are buying more expensive cars — nearly $38,000 for new cars, on average. And longer-term loans are enabling many people to make the payments, but at a cost.

Amen!

Just keep moving forward!

I read an article the other day about how the Federal deficit is over 22 TRILLION dollars now. The following quote from this article is especially scary in light of that...
"The delinquencies also have broader implications. Because most of the loans are government-sponsored, they probably won’t hurt the economy the way mortgage debt did in 2007, Jersey said. “But incrementally, it does mean higher federal deficits if the loans are not repaid.”

U.S. Student Debt in ‘Serious Delinquency’ Tops $166 Billion Student-loan delinquencies surged last year, hitting consecutive records of $166.3 billion in the third quarter and $166.4 billion in the fourth.

Love this!

I've made some sizable payments recently... only paid down a couple hundred in principal...compared to a couple THOUSAND in interest. *Sigh*

☹️ We NEED to break the cycle of debt!

Household debt hit a record high of $13.5 trillion last quarter Total household debt is now $837 billion higher than its previous peak, which was in 2008 before the recession.

Love this!

A high credit score does NOT equal wealth.
You could inherit $1 million today and your credit score wouldn’t change a bit.