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Americans are loaded with credit-card debt!

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Americans are loaded with credit-card debt!

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"The Average American household with at least one credit card has nearly 15,950 dollars in credit card debt."

That's roughly the cost of one semester in college. Many Americans don't realize the extent of their debt until it has grown out of control. Americans need to be more responsible with their money and not go overboard on the credit cards. They need to realize that they will eventually have to pay all that money back. If you get a credit card you should have the money in the account to pay that back, if you don't have the money don't buy it.

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"Borrowing for a home or college usually makes good sense. Just make sure you don't borrow more than you can afford to pay back, and shop around for the best rates."

You can't shop around for rates when in college for loans, They give you a rate and that is the rate that you will pay, it is set in stone. Some debt is good if you can pay it off quickly to boost your credit score which gives you more options for loans. If you can keep track of your debt it will be easier to manage and plan around paying it back. It is crucial to not get over your head when borrowing money for school and for a home. If you manage it well, your credit score will be good and you will be debt free.

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"Most people spend thousands of dollars without much thought to what they're buying. Write down everything you spend for a month, cut back on things you don't need, and start saving the money left over or use it to reduce your debt more quickly."

I agree with what they said it is start to watch what you are spending your money on. It's a good idea to keep some sort of log of spending and put together a payment plan so you don't get bogged down in debt and ruin your financial status and wind up living with your parents, again. Keeping things written down usually makes a person feel more organized and in-control of the situation. Making a log keeps track of what you can afford and what you can't. It assists in keeping a check on reality and not overspending on stuff you don't need.

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"The key to getting out of debt efficiently is first to pay down the balances of loans or credit cards that charge the most interest while paying at least the minimum due on all your other debt. Once the high-interest debt is paid down, tackle the next highest, and so on."

I agree you should pay of the highest to make yourself feel better about the amount you still have to pay off. If you pay off your highest debts with the highest interests first you can get yourself out of the debt hole faster and work on saving money for personal reasons. Working your way down from the top could probably take a lot of the "scary" factor out of paying off debt. This is common sense to me. You want to get out of whatever is causing you the most problems, in this case debt.

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"Build a cash cushion worth three months to six months of living expenses in case of an emergency. If you don't have an emergency fund, a broken furnace or damaged car can seriously upset your finances." I agree with this statement. You should keep some money behind in case there comes a problem that are unexpected. Having an emergency fund is very smart because we never know when something tragic will happen. An emergency fund should have enough in it to support a family if an incident does occur. If or when an incident does occur, one who has saved an emergency fund will be less likely to panic and feel more in control of the situation with their funds.