Yearly spending across the country is often kept track of by many financial professionals. The spending habits of citizens can say a lot about the state of the country’s financial situation as well as how the average individual is affected. These records may also indicate that consumers in Ohio and across the country could be in need of ways to eliminate debt.
It was recently reported that consumers are on their way to adding an additional $60 billion dollars in debt before the end of the year. If this prediction is correct, citizens will have accrued approximately $900 billion in credit card debt this year. This increase in spending could indicate that individuals are feeling less stressed about their financial affairs.
Though consumers may appear more confident with their finances, it is likely that many individuals will face hardships due to debt. Though parties retired $35 billion in debt at the beginning on the year, the second quarter saw an onslaught in spending that made that reduction nearly inconsequential. It was stated that approximately $32 billion in debt was accumulated in the second quarter. This spending could lead to the average household facing more than $7,000 in debt by the end of the year.
Though individuals may find it comforting to spend money without as much anxiety, overspending could lead to financial difficulties. Substantial debt can be accumulated more quickly than consumers realize, and Ohio residents may find themselves once again facing stress and anxiety over their finances. Luckily, there are options that can help eliminate debt, and interested parties may wish to discuss these options with legal professionals.
Source: fa-mag.com, “Consumers Spend More, Debt Climbs“, Karen Demasters, Sept. 9, 2015