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Debt Management

The average American household has approximately $14,700 in credit card debt.  That doesn't include other monthly expenses and loans.  The average credit card annual percentage rate is 14.83%.  And that might not sound all that bad at first, until you realize that in today's housing market, you credit card rate is probably nearly 3 or 4 times the percentage rate on your home!

Often the debt cycle begins because we do not truly understand how the cycles begins and how to get out of it.  The Financial Literacy and Education Commission is set up through the federal government with a mission to educate all Americans on the basics of finances.  They pull together the resources of over 20 federal agencies into one location on their website,  This website takes all of this information and organizes for you by where you are in life, who you are (a parent, a caregiver, a teacher, a military veteran, etc) and the tools you need to succeed in managing your finances.

Managing debt and credit can be confusing until you understand how they work and come together to create your credit score and your financial situation.  Not only will the website provide you with the latest in news and education surrounding debt and credit, there are also calculators, budgeting worksheets and checklists that can help you get a handle on managing your debt.  These resources can be found under tools on the website.

From parents looking to provide an education for their children to people who've acquired too much debt, this website will help educate you on debt and credit as well as give you some good options for moving forward.

** Disclaimer: First South Bank is not suggesting you fully rely on to manage your debt or credit.  There is no substitute for speaking to a financial consultant about your personal financial situation.