Personal Finance News Wednesday 1/16

Phil's Personal Finance Tip of the Day:

2 True Tales: How We Paid Off Our Credit Card Debt

By Janna Herron | Bankrate.com

Think you are the only one deep in credit card debt? Think again. While the average American carries nearly $5,000 in credit card debt at any given time, a minority of people are drowning in tens of thousands of dollars in debt from credit cards, according to the most recent figures from TransUnion.

It's a problem that can occur quickly, such as after a medical emergency, or gradually by simply spending beyond your means. But the situation isn't hopeless.

Consumers who visit CredAbility, a nonprofit credit counseling agency in the Southeast, on average carry $25,000 in debt on their credit cards. While that is a mountain of debt, 7 in 10 of those people pay it off in five years, says Michelle Jones, the agency's senior vice president of counseling.

"The one thing that's challenging about debt is it simply takes time to pay down," she says. "There's no quick solution."

Here are the stories of two women who conquered their credit card debt in less than five years with the help of a credit counselor.

To read the entire article from Janna Herron | Bankrate.com:
http://finance.yahoo.com/news/2-true-tales-paid-off-080149611.html

Inspirational Quotes@Inspire_Us from Twitter:
It's hard to beat a person who never gives up. -Babe Ruth


Hi my name is Philip J. Miano and I am the founder of PJM Personal Finance and Productivity Coaching specializing in Budgeting, Debt Reduction, Bank Reconciliations, Goal Setting, Time Management, and Organizational skills. Please visit my website: http://pjmcoaching.com