Anyone Can Get Out of Debt

With the average American saving around 3.3% it seems like getting out of debt could be difficult. However, in a recent article author Laura Rowley points out,

If savings behavior isn’t changing, consumer attitudes may be. A recent Gallup poll found 62 percent of Americans say they enjoy saving more than spending, while 35 percent reported the reverse. Back in 2006, respondents were split about 50-50 on the question. Moreover, 57 percent say they are spending less money in recent months than they used to, up from 50 percent last July. Among the newly frugal, 38 percent say this spending pattern is the “new normal,” while 19 percent say the budget cuts are temporary.

Rowley goes on to explain that the average American can significantly reduce their debt by using a small portion of their extra income to pay down their debt. In her example she points out that one home owner was able to save $23,900 over the life of the loan by paying $35.86 more a month towards his home loan.

At MoneyDesktop we are passionate about helping people get out of debt as quickly as possible. The best part is, it’s not that hard. Our software shows you where your money is going and gives you step-by-step instructions on how to get out of debt. Results like those mentioned are not uncommon for our users, so if you haven’t already, give MoneyDesktop a try for free today.

Read all of Rowley’s article on Yahoo! Finance here

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Tags: Debt, Debt Elimination, Home Loan