It's time to talk about everyone's favorite topic: Debt! (Okay, maybe it's not exactly everyone's favorite, but it's our passion and it's something none of us can ignore.) In 2023, debt is going to become even more of the hot topic so it's important to know what's happening and so you can become the boss of your debt!
Here are 5 things you need to know about the future of debt:
#1 Interest rates are on the rise: The days of super low interest rates are coming to an end. With the economy picking up steam, the Federal Reserve is likely to continue to raise interest rates. This means that the cost of borrowing money will become more expensive, making it even harder to pay off debt. Get help now.
#2 Student loan debt is still a major issue: If you're one of the millions of Americans with student loan debt, you know how much of a burden it can be. Unfortunately, things aren't looking too bright on this front in 2023. Student loan debt is expected to continue to rise, making it even harder for young people to get ahead.
#3 Credit card debt is also a problem: Credit card debt is one of the most common forms of debt, and it's not going away anytime soon. In fact, credit card debt is expected to reach new heights in 2023. This means it's more important than ever to be mindful of your spending habits and to pay off your balance in full each month. Now is the time to consolidate your high-interest loans.
Medical debt is a growing concern: Medical debt is a major problem for many Americans, and it's only getting worse. With rising healthcare costs and an aging population, medical debt is expected to continue to rise in 2023. This is a reminder to prioritize your health and well-being, and to seek financial help if needed.
It's time to take action: With all of these challenges ahead, it's more important than ever to take control of your debt. This means creating a budget, prioritizing your debt payments, and making a new BFF (best friend in finance) with Lift Lending who can help you customize a loan to consolidate your debt into a lower interest rate. The future of debt may seem daunting, but with the right mindset and a little bit of determination, you can overcome it.
So, there you have it, friends. The future of debt may not be all sunshine and rainbows, but that doesn't mean you can't take action to improve your financial situation. Start now, and you'll be on your way to a brighter financial future in no time!