U.S. household debt expanded by $334 billion in the last quarter, according to a report from the Federal Reserve.
Consumer adviser Clark Howard warned that individuals having trouble paying basic monthly bills should avoid turning to credit card cash advances or high-interest personal loans.
Howard noted that many Americans are facing difficulty managing key recurring expenses, including rent, mortgage payments and car loans. He emphasized that people struggling to make ends meet are not alone in facing these financial pressures.
When faced with immediate expenses, many consumers resort to high-interest borrowing options. Howard warned against taking cash advances on credit cards during financial emergencies.
“More and more Americans are having trouble with the key expenses you face every month and they don’t know what to do about it,” Howard said.
Instead of incurring high-interest debt, Howard recommended seeking help from a professional.
“But if you get to the point that you are having trouble paying your basic bills, I want you right then, not later, to go sit down with a credit counselor,” Howard said.
Legitimate counselors can be found through the National Foundation for Credit Counseling at NFCC.org.
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