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Why Debt Reduction is a Top Priority for Americans

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Why Debt Reduction is a Top Priority for Americans Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago August 15, 2018 1,812 Views Independent of mortgages, American debt is on the rise, according to a new report by Northwestern Mutual.The report found that a little more than half of Americans cited debt reduction as their top 2018 financial priority. That might have to do with the fact that, according to Northwestern Mutual, average personal debt (exclusive of home mortgages and among those with some debt) is $38,000 this year; and that compares to compared to just over $37,000 in 2017. The push to reduce debt might also have to do with some other statistics found in Northwestern Mutual’s study. For example, twice as many Americans (33 percent) are in debt between $5,000 and $25,000 than having anything similar in personal savings (17 percent). Add to that, fewer people this year say they don’t have any debt—23 percent now, compared to 27 percent a year ago—and 20 percent of people say they allot half of all their income to paying off debts. A further 10 percent said they believe they’ll stay in debt for their entire lives.Knowing these numbers, however, doesn’t seem to be dissuading personal spending, said  Emily Holbrook, director of planning, Northwestern Mutual.”Despite recognizing that debt means dangerous waters, Americans are jumping in with both feet and struggling to stay afloat,” she said. So what’s causing all this debt? This year, according to the report, it’s credit cards, which tied mortgages as the leading source of debt. Credit card debt leaped from 19 to 25 percent of a person’s debt since last year.Student loans are another huge piece of the debt picture, and that’s truer the younger you go. Overall, debt from educational loans hit 6 percent this year, but that number is 28 percent for those between 18 and 24 years old.“The cycle of  ‘buy and borrow’ continued this year,” the report stated. “After covering off on basic necessities, Americans allocated nearly equal amounts of their monthly income to debt repayment and discretionary expenses.”Those averages ran 36 and 37 percent, respectively. Why Debt Reduction is a Top Priority for Americans Previous: Why Is Mortgage Default Risk Rising? Next: Predicting Servicing Issues Before they Happen Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Scott Morgan The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Related Articlescenter_img Share Save in Daily Dose, Featured, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago consumers debt Homeowners mortgage Northwestern Mutual 2018-08-15 Radhika Ojha Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: consumers debt Homeowners mortgage Northwestern Mutual Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

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Firefighters find body after explosion levels home in North Carolina

first_imgslidezero.com/iStock(CHARLOTTE, S.C.) — A body has been found underneath debris left behind by a large house explosion in North Carolina on Tuesday.Firefighters also discovered an injured man who was airlifted to a local hospital after he became trapped in the rubble, officials said. The explosion occurred in the wealthy suburb of Ballantyne, just south of Charlotte, leaving behind fiery rubble and over 80 firefighters scrambling to put out the fire and find any other survivors, the Charlotte Fire Department said on Twitter.People who were nearby when the explosion occurred told ABC Charlotte affiliate WSOC-TV that they felt the ground shake.“I just went out for a walk. I put my Beats on, and I walked right by the house. I walked on, maybe two minutes, and through my Beats, I heard a boom,” neighbor Lorie Porter told WSOC. “Something told me to turn around and walk back, and I started turning around, and all the neighbors started to run out of their homes. And there’s debris right where I had walked, and the house was just leveled.”Multiple people called 911 about the explosion and the ensuing fire, including the man who had been trapped inside, the fire department said, adding that he was able to lead them to his location.By Tuesday evening, firefighters had sawed through piles of wood and were using specialized listening equipment and confined space cameras to search for other possible survivors.It’s unclear what caused the explosion, which tore into the home next door, where two occupants were injured and later treated by medics on the scene. One other survivor had also been freed after they were found to be conscious and alert, the department said on Twitter.Copyright © 2019, ABC Radio. All rights reserved.last_img read more