The AFCPE Blog is designed to provide new and insightful personal finance information for financial professionals – information that can be shared with both clients and consumers and provides new insights into education and practice.
As a personal financial counselor, I often meet with clients who find themselves in a spiral of debt and don’t know how to get out of it. The debt spiral is when someone takes on debt and then gets behind on their payments. After trying different tactics, with little success, the debt only increases. This spiral can be very frustrating and painful. To help a client rise above the debt spiral, I recommend following these three steps:
Debt, Consumer Alert, Financial Education
AFCPE CONSUMER ALERT: Over 80 percent of Americans owe some form of debt, so it’s crucial that consumers have the knowledge and access to resources needed to ensure the financial security of themselves and their families.