Credit Card Debt is Piling Up Like My Waffles! Are You Donkey Broke?!

Uh Oh Stinky! Credit Cards Are Slippin'!

Hey everybody it's me Donkey! And boy oh boy do I have some news that's stinkier than Shrek's swamp after a hot summer day. Apparently more folks are havin' trouble keepin' up with their credit cards. Like seriously behind! We're talkin' a 12 year high in the number of accounts that are like 'Nah I'm good I'll pay ya later…much later!' It's like when I try to pay for waffles with buttons – doesn't quite work does it? That's what the smarty pantses at the Federal Reserve Bank of Philadelphia are sayin'. Apparently almost one percent of accounts are super duper late. That may not sound like much but trust me when it comes to waffles even one percent less is a tragedy!

Minimum Payments? More Like Maximum Stress!

And get this folks! More people are just makin' the minimum payment on their cards. It's like tryin' to cross a chasm on a tiny little rope! You might make it but the stress is gonna give you gray hairs faster than you can say 'Parfait!' A whopping 11.12% are just barely keepin' their heads above water. That's like almost as many as the number of times Shrek tells me to be quiet in a day! People are fallin' behind after spendin' all their cash on who knows what like are y'all buyin' dragons or something? But it's causin' some serious financial indigestion and that is not good.

Record Debt? That's Dragon Sized!

But hold on to your waffle irons because it gets worse! Collectively Americans owe a record $1.21 TRILLION in credit card debt. That's more than all the candles Dragon has in her lair! And the clever clogs at the Fed are sayin' this is a sign of 'greater consumer stress.' Ya think?! It's like when you realize you forgot to pack your toothbrush on a road trip with Shrek – pure unadulterated panic!

Cars and Loans Oh My! It's all Going South!

It's not just credit cards either. People are fallin' behind on their car payments and student loans too. It's like a domino effect of financial doom! Apparently folks with not so great credit (those below 620 whatever that means) are havin' a really tough time keepin' up with their car payments. Makes you wonder if they bought a Puss in Boots mobile or something with ALL those shiny features!

Donkey's Guide to Escaping Debt Land!

Alright alright so things are lookin' a bit gloomy. But don't you worry your pretty little heads 'cause Donkey's here with some solutions! First check out a balance transfer credit card! You can move your debt around like swap meet and not pay interest for a while. Another thing get a loan and just throw all your debt at it at once! It's a bit like taking all those dominos mentioned above and just throwing them away! Now some of these cards have fees and hoops to jump through so pay attention ya hear?

More Tricks and Tips!

If you're behind on your mortgage or car loan you might be able to refinance. It's like trading in your old beat up wagon for a slightly less beat up one! And if all else fails you can try to get some debt relief people to lower how much you owe! Whatever you do just don't end up like me trying to barter with fairy dust for a tank of gas because that is where all the stress really starts!