Personal finances giving you a headache?
If managing your personal finances and growing debt is causing anxiety in your life, you’re not alone.
The Debt Stress Index, a tool used to measure the level of worry over financial debt and its effect on people, remains unchanged from one year ago at 29.2. The number (based on a scale of 100) indicates that most Americans are not feeling any better about the nation’s economy or their personal finances.
An Associated Press Poll conducted in May confirms that there hasn’t been much improvement in how most people are feeling about their financial situation.According to the survey, 46 percent of those questioned say they are dealing with at least some stress over their debt and personal finances. Within that group, 20% say it has caused a “great deal” or “quite a bit” of stress.
Those numbers have improved slightly from a similar study conducted six months earlier. In November of last year, 50% of those surveyed felt at least some stress over finances, and 22% described it as a “great deal” or “quite a bit.”
So what are the people who now feel better about their money situation doing to change the way they feel? They are paying down their debt and taking control of their personal finances.
Here are two statistics that are actually encouraging:
For the first time since 1945, household debt in the United States actually fell by 1.7%. It’s still a staggering $13.5 trillion – BUT – at least we’re headed in the right direction!
The average amount owed on credit cards six months ago was around $5,600. The latest AP survey indicates the average is now $3,900. People are finding a way to whittle down their debt bit by bit.
We’ve said it before, but one of the reasons Check Advantage chose to start giving customers the option to order cheap personal checks was because we know they can be an effective way to manage your money.
Personal checks are a much more responsible way to pay. The only way a credit card company can make money off of you is if you fall into debt and start paying interest. They never have your well-being in mind.
At Check Advantage, we want to offer you a tool that can help you understand where your money is going. You’ll find that when you order personal checks online, and keep track of what you spend using a check register; you’ll be much more aware of your financial situation, and will be able to stick to your budget.
Plus, ordering personal checks and business checks online from Check Advantage means you’ll save as much as 75% off what your bank charges.
Stress over personal finances can also have an impact on your health and physical well-being. We’ll take a closer look at that in the next post.
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