Global Markets Reporter, Jill Malandrino talks with Personal Finance Expert, Kimberly Palmer of Nerd Wallet about the 2017 survey of U.S. household debt. Here are some of the topics the two talked about in this episode of TradeTalks.
- What were the key findings? -- 8% higher over last year and the average debt per household is $15,000.
- Are U.S. households managing debt better or is it growing over 2016 levels? -- For those who are paying on average, $900 in interest per year.
- Of note, 33% of household debt is due to people paying for necessities via credit cards. So, if their income doesn't cover that, what's your advice to get out of the hole? -- The key is avoid the problem in the first place by building an emergency fund in order to cover unexpected expenses.
- Only 18% of consumers pay off their debt each month, that affects Credit Scores, so what are some best practices to achieve higher scores? -- The way to improve credit scores are to pay on time and you also want to keep their credit utilization rate of 30%.
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