According to the Federal Reserve Board, the total household debt at the end of the third quarter in 2016 was $12.35 trillion, an increase of $63 billion over the previous quarter. Most of the debt was from mortgages, followed closely by student loans, automobile loans and credit cards. An overwhelming debt load can easily place you in the cycle of living from paycheck to paycheck, with no visible exit in sight. But even unexpected expenses, such as a medical emergency, can quickly derail the best of intentions to be fiscally sound. In fact polls indicate that approximately 45% of Americans are living paycheck to paycheck, even with decent salaries.
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According to the Federal Reserve Board, the total household debt at the end of the third quarter in 2016 was $12.35 trillion, an increase of $63 billion over the previous quarter. Most of the debt was from mortgages, followed closely by student loans, automobile loans and credit cards. An overwhelming debt load can easily place you in the cycle of living from paycheck to paycheck, with no visible exit in sight. But even unexpected expenses, such as a medical emergency, can quickly derail the best of intentions to be fiscally sound. In fact polls indicate that approximately 45% of Americans are living paycheck to paycheck, even with decent salaries.
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