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Free yourself from consumer debt

Washington residents aren't alone in their struggles with credit card debt. On average, the typical credit card balance for Americans is more than $15,000. However, many consumers are bowed under much higher debts on their plastic and seeking ways to get out from under the debt mountain.

How to control personal debt in Washington

Personal debt is no joke in Washington. In fact, some studies have shown that the average household in the United States -- when eliminating homes where no credit cards are used -- has about $15,950 in debt on those cards. It was also found that the interest rates on those cards tended to be in the teens. This study was done in 2012.

Should you choose a debt consolidation mortgage?

If you are considering consolidating your credit cards and related debt into another mortgage, you might want to think twice. Experts say that although credit card debt may be addressed by debt consolidation mortgages, the terms have become far more conservative in recent years. Washington residents should know that lenders are now requiring homeowners to maintain as much as 20 percent of the equity in their homes before cashing out the mortgage.

Ashamed of your credit card debt? You're not alone

Did you know that most Americans are more embarrassed about their credit card debt than their weight? A new poll from the National Foundation for Credit Counseling suggests that many Washington residents are bashful about their credit score. In fact, about one in three people say their amount of credit card debt is more embarrassing than their weight, bank balance or credit score. To be fair, there may be a good reason; nationwide, the average household carries about $15,000 in credit card debt.

Credit card debt builds when used as 'emergency fund' alternative

What would happen to your finances if emergency struck? If you said you would rely on credit cards to save the day, you are not alone; a growing number of Washington residents and other Americans are relying on credit to help out in the event of a major problem. Although amassing more credit card debt in the wake of an emergency may not seem like such a big deal, experts say that the practice can be detrimental to financial health.

This holiday season sees huge jump in layaway purchases

After the financial crisis of 2008, many Americans found that their finances were terribly overextended. They were mired in credit card debt, and, following a job loss or a pay cut, had no way to pay it down. Many of these Americans turned to bankruptcy as a way to emerge from under their heavy debt loads.

Retail credit cards on the rise in Washington

For many people, credit cards are a convenience that allows them easy purchasing and access to valuable rewards programs. For others, however, credit cards pave the road to crushing consumer debt.

Credit card debt - To pay or not to pay?

Being in credit card debt is very stressful for most consumers. Many people are all too familiar with the idea of watching one's debts pile up, getting late payment notices and perhaps even calls from debt collectors. It's a difficult situation to deal with.

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