Top Things to Know to Control Your Debt | Long Beach, CA

1. Americans vs. Debts: The average American household that owns at least one credit card has approximately $10,700 in credit card debt.
2. There are good debt and bad debt: student and home loans are usually considered good debts. However, it is not a good idea to use you credit card on temporary stuff like food and vacations if you are not sure you can pay back in full.
3. Know your spending pattern: Write down what you spend on in a month and cut back unnecessary things. Use those left over money to pay-off your existing debts faster.
4. Pay-off high interest debts first: One way to get out of debt effectively is to pay-off the loans with the highest interest rate first and pay at least at minimum on all other debts.
5. Don’t just pay minimum: Most of your minimum payment will go to interest, almost nothing to principal. So, it will take years to pay-off your debt, and you will end up paying thousands of dollars more than you originally owed.

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Consumer Borrowing Increased 3.1% in April | Long Beach, CA

Yesterday The New York Times reported that consumer borrowing rose almost $7.2 billion in April. The number was fueled by increase demand for student loans and car loans. Analysts say that weak economy is also one of the reasons for the increase since the unemployed are taking out student loans to go back to school.

The news also said that credit card use has dropped nearly 19% in the last 20 months due to high unemployment, steep gas prices, and weak housing market.

Most economists say borrowing will continue to climb up this year, but they do not expect consumers to increase their debt.

If you are struggling in today’s tough economy, City Loan is always here to help. Whether you own a car, truck, RV, motorcycle or boat – City Loan can give you a loan today. Bad Credit? No Credit? No Problem! Contact City Loan today and get the cash you need. To get instant approval, fill out our online application or call 1-877-CASH-SOS.