We Americans love our stuff! We shop and shop and shop. But the problem is many of us have shopped ourselved into a deep dark hole. I interviewed US Senator Chris Dodd this week about a bill he' has co-sponsored that would impose new restrictions on credit card lenders. In laying the groundwork for why he believes the bill is necessary he mentioned a number that really stunned me. He said the average American household is carrying more than $9,000 in credit card debt. WOW! Couple that with mortgage debt, student loan debt, healthcare debt, etc. and many of us are drowning in a sea of red.
Financial author Jordan Goodman, who is a regular guest on "12 On The Money," joined me with some suggestions on ways consumers can get their finances back on track. Here are some of his tips. Jordan says first and foremost know your credit score and review your credit report. Not only will you know exactly where you stand in the lenders' eye, but you'll also see if anyone has attempted to steal your identity. Jordan suggests going to www.guardmycredit.com to look up your info. He also says make sure that your credit card balance is with a company that offers the lowest interest rate. He says you can compare rates at www.creditcardperks.com to find the card that best suits your preferences.
If you'd like to see more of Jordan's tips on paying down credit card debt just tune to "12 On The Money" May 31st and June 1st.
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