WEB Notes: Going into debt is not something that should be taken lightly. I would only recommend it for a home or a vehicle if that vehicle will be used to make you money. Drive you to work, etc. Even then if you save up your money and watch what you spend it will add up fast and then you can pay cash for it. Most people have a spending problem. Hey, that $1 dollar soda is only $1. If you have one every day that is $30 a month. It starts to add up, put together a budget, save and pay cash. You do not like to pay more than the price tag right? Of course, no one does. When you finance you pay nearly twice the price tag in interest. Think about it.
The recovery from the Great Recession has hit a milestone: Total household debt climbed to $12.73 trillion in the first quarter to top the peak reached in 2008 before the housing market crash and severe economic downturn led to a historic reduction, according to government data released Wednesday.
But this time, Americans are doing much better handling their mortgages, credit cards, auto loans and other borrowing, the data from the Federal Reserve Bank of New York showed.
Consumers were delinquent on 4.8% of total debt, a marked improvement from the 11.9% of debt that was at least 30 days late at the end of 2009.