In recent months and years, Americans seem to be managing their money and living within their means much better.
¬†USA Today reports that household debt levels have reached their lowest point since 2008, according to the Federal Reserve and it is possible this trend has resulted from a variety of adjustments consumers have made to their finances.
The newspaper also reports that consumers are putting more money away, with a personal savings rate at 5 percent in July, four times higher than the rate in 2005. This is one of the biggest changes in personal finance reporting in years.
Another reason for the positive change in money handling comes from homeowners shortening the mortgage period on their loans. According to Freddie Mac, an increasing number of borrowers are switching the amortization period on their mortgages from 30 years to 20 or 15.
Finally, according to recent statistics from First Data, credit card users aren’t holding the same kind of debt levels they once were.. Silvio Tavares, VP of the processing firm, told the newspaper that consumers appear to be using these accounts more often for convenience shopping rather than for high-priced items.
Even if consumers use their cards more responsibly, bad credit can result if they’re charged for things they didn’t purchase. A credit repair organization may be able to assist consumers in these matters so that a credit solution can be determined. If you find that that situation applies to you, Vitesse Financial is an excellent and reputable credit repair company that may be able to help you minimize your debt.
Their experience and customer rates are impeccable and they use tried and true, white hat techniques to help consumers. For example, after one of their professionals gives you a complimentary credit consultation they work with you to form a plan and look for possible errors on your credit report. By finding and removing any of these errors your credit score may immediately improve.
¬†For more information or to schedule your FREE consultation call toll-free at 866.407.9110