Restructure Debt: Corporations Do It for Lots of Reasons, Why Not Do It Yourself

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Restructure Debt: Corporations Do It for Lots of Reasons, Why Not Do It Yourself

Jan, 7th 2017

You know you have too much credit card debt when the arrival of bills cause a physical reaction: a warming in your face, a quickening of your heart. 

How are you going to pay it all off in addition to your student loans, rent and trying to save a little something? What if your credit score tanks? 

You're not alone in your indebtedness — or your panic. American households hold an average of around $16,000 in credit card debt according to a survey of data from the Census Bureau and Federal Reserve by NerdWallet

That includes an average of $1,292 paid toward credit card interest alone this year. The study suggests the interest payments could increase to $1,309 in the wake of the Federal Reserve's vote on an interest rate hike of a quarter of a percentage point. 

When will this whack-a-mole game of using all of your income to pay off debts stop?

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