Despite the debt party coming back on, the American economy has not recovered fully. Consumer spending makes up most of the country's economic growth, but Americans are still mulling over the best ways on how to pay off debt – both new and old ones. Many consumers are falling behind on debt payments three times faster than they did back in 2004. With high borrowing rates and slow income growth, consumer demand will still be weak, and will keep businesses from expanding.
Getting Out of Debt
For many consumers, this question still remains: how do we get out of debt? For the economy, borrowing and spending contribute to growth. The more the economy grows, the more secure consumers feel that they can make their payments. However, just one mistake or a series of financial mistakes can spell the difference between falling into debt and safely managing one’s debt. Companies offering financial wellness services such as USEFS can help consumers get the financial assistance and education that they need to manage their debts.
http://www.usefs.com/an-affair-with-americans-greatest-obligation-how-to-pay-off-debt/
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