Are you sinking in debt? There’s no quick fix

A new year, new resolutions. Besides weight, the only thing people want to get rid of more is debt.

According to a survey by LendingTree, 75 percent of Americans would like to be debt-free some time in their life, but only 50 percent have planned on how to do it.

“There is a definite indication that consumer debt is on the rise,” said Danielle Lazor, director of the nonprofit Family Financial Services Program, on Marmion Avenue in Youngstown.

According to the Federal Reserve, consumer credit debt in the United States is currently $915 billion.

One of the reasons there is so much debt is partially the bad housing market, Lazor said.

“A lot of families are trying whatever they can to meet those house payments, so they end up using credit cards for everyday purchases,” she said,

She also said because of medical costs, many elderly people get into debt by turning to credit cards since their fixed incomes can’t pay for everything.

Lazor said she hears more calls from people trying to get out of debt earlier in the year, but there’s no quick solution.

“A lot of people would like to lose [debt], but that doesn’t happen overnight,” she said.

The Better Business Bureau here offers consumer tips on how to get out of debt including setting up a budget, not getting deeper into debt, asking creditors to reduce rates and making extra payments.

Read the full story with tips on climbing out of debt Monday in The Vindicator and on Vindy.com.