Life is Expensive: How to Avoid Debt - The Explorer: Money & Finance

Life is Expensive: How to Avoid Debt

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Posted: Sunday, July 14, 2013 10:00 pm | Updated: 1:33 am, Mon Jul 15, 2013.

(StatePoint) From going to school to going on a date to getting married, life has hidden price tags that have been sending many Americans down a path to major debt and bankruptcy.

Some of life’s most exciting events also bring with them the possibility to build major debts and harm our credit, financial experts are warning.

To help, the experts at Lexington Law, a provider of consumer credit correction services, are pointing out the financial traps in everyday life that easily ensnare the average American family.

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Here are just a few financial pitfalls they are highlighting:

• Getting a credit card is exciting, but the average credit card debt is $7,093.

• The average date costs $130.

• In 2012, the average engagement ring cost $9,431, and the typical wedding weighed-in at $28,400.

• Mortgage debt currently is averaging $148,818 and the typical car loan is $26,700.

• 35-44 year-olds have the highest bankruptcy rate

More information on the financial pitfalls of life, as well as free financial education services, are available at www.lexingtonlaw.com.

Remember, the first step to better money management is being savvier about financial pitfalls to avoid.

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