smart spending

Feb. 2011: Debt

Q:

How do you feel about the amount of debt you have compared to 12 months ago?

31 percent to 21 percent	Men were much more likely to be more comfortable with their debt than women.
37 percent	Those earning more than $75,000 were most likely to feel more comfortable.
There were slight declines for the number of people who felt more comfortable and those who were less comfortable.

David Jones

"Have I made only minimum payments ..."

If you aren't sure about how much debt you should have, ask yourself these questions: Do I charge at least one of my credit cards up to its limit every month? Do my total payments on installment debt exceed 75 percent of my monthly take-home pay? Would my savings run out in less than six months if I lost my job? Have I made only minimum payments on one or more credit cards for the past two months? If you answered yes to any of these questions, you should get help to establish a budget now.

- David Jones, president, Association of Independent Consumer Credit Counseling Agencies