Don't Let Debt Haunt Your Financial Future

Many Americans want to get out of debt and better manage their money. Currently, consumer debt is at an all-time high and many people are still paying off their credit cards from years ago.

According to the experts at Consolidated Credit Counseling Services, the first step is to take a look at your credit situation and figure out your debt-to-income ratio.

As a rule of thumb, your total installment debt (e.g., credit cards, auto loans, student loans) shouldn't exceed 15 percent of your annual take-home pay.

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