Mississippi residents have helped Americans as a whole generate a total of over $1 trillion in credit card debt. Those who want to pay off that debt have several options to do so. However, the best option may be to start with the credit card that has the highest interest rate. This is because reducing the principal balance on that card also reduces the amount of interest paid to a lender.
Many people living in Mississippi have concerns about credit card debt. While credit cards can be a useful tool in managing personal finances, consumers will sometimes run up balances that can be difficult to manage or pay off. In fact, a recent study has shown that the average household credit card debt in the United States is $8,284.
According to an article in Health Affairs, medical debt in collections peaks when individuals are in their late 20s. This is because younger people tend to make less money than those in their 50s or 60s. Furthermore, younger people are more likely to not have insurance. Even if a person has insurance, the policy likely comes with a deductible that an individual could have trouble paying. However, there are ways that those dealing with such debt in Mississippi and throughout the country can better manage it.
Far too many people in Mississippi struggle with credit card debt on an ongoing basis. When it is difficult to make ends meet, many people turn to credit cards to cover the gaps. Of course, it can then be even harder to keep up with existing expenses while trying to pay back the credit card bills. Credit card companies also urge customers to take on more debt. However, by keeping some tips in mind, people can help to resist these advances.
Some women who are living in Mississippi may struggle more than men to pay off credit card debt. A study found that more than one-quarter of women around the country said they were not confident they would be able to pay all their bills in a month compared to 14 percent of men. Furthermore, just under one-third of women who had credit cards said they had paid the balance in full one time or less in the past six months compared to 20 percent of men.
Most Mississippians know that large medical bills can cause serious financial problems. However, even small bills of less than $1,000 can be sent to collection agencies and end up as negative entries on credit reports. In fact, a recent study published in Health Affairs found that more than half of medical collections in any given year are for less than $600. More than 2 percent of adults also had medical collections of less than $200 on their credit reports in 2016.
Baby boomers in Mississippi who always dreamed of early retirement might have to get used to the idea of late retirement or no retirement at all. At least that it is what statistics suggest. More people 55 and older are still working these days, and many who have retired from full time jobs are turning to freelance work to supplement their retirement income. As of 2017, 23 percent of the American workforce was aged 55 or older. The Bureau of Labor Statistics estimates that the figure will be a solid 25 percent by 2024.
When Mississippi homeowners fail to make mortgage payments, they could face foreclosure. This means that the lender has decided to take possession of the home. However, there are ways that a person can end or delay the process. The first step in the process is to read any letters that the lender sends as they may offer information about avoiding a foreclosure.
Healthcare costs are among the most significant financial concerns for senior citizens. When Mississippi seniors retire, they typically lose their employer-sponsored health insurance and depend on Medicare to cover healthcare costs. Although Medicare covers many of the medical expenses seniors face, it also includes deductibles for inpatient care and coinsurance for outpatient treatment. Fortunately, there are some things seniors can do to minimize their out-of-pocket costs and avoid excessive medical debt.
Up to 80 percent of Americans living in Mississippi and throughout the country have some form of debt. However, for some, that debt may become too large to manage in an effective manner. To start the process of lowering credit card and other balances, it is important to understand the different options available to achieve that goal. One such option is to apply for a personal loan.