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...HEAVY INDEBTEDNESS of American consumers is nothing new. U.S. families have gradually been spending more of their household budget, about 13%, on debt payments. As long as housing prices hold up, economists say the debt burden will stay manageable. But as interest rates rise, mortgages and credit-card debt get more expensive, especially for those making less than $50,000 a year. "If you look at the low end of the income spectrum, they seem to be having more difficulty making payments," says Sohn. Over time, the deficit could worsen that effect, by making interest rates higher than they would...
...just six years, Dr. Phil McGraw has, with Oprah Winfrey's help, gone from an obscure Texas courtroom consultant to a household name and television icon. This month Dr. Phil, 54, launches the third season of his syndicated talk show, hosts a prime-time network special and publishes a new self-help book. TIME's Jeffrey Ressner caught up with him at his Los Angeles office...
...going toward things like dry cleaning, iTunes downloads and those midafternoon Frappuccinos. Changing your habits is the surest way to find that $10 a day. And if you could manage to do that, in three years you would eliminate the hefty $8,000 credit-card debt load the average household is carrying...
MAKE THE HARD CHOICES The rise in consumer debt is causing some consumers real pain. The number of mortgages more than 90 days past due is up 20%, the number of foreclosures is up 18%, and the number of household bankruptcies is up 33% from their levels three years ago. If you're facing any of those scenarios, it's time to do more than simply stop spending. You may need to sell your house and trade down to a smaller one or rent for a while. To evaluate your options, visit a credit counselor with a certified housing counselor...
What changes at home can a returning mother anticipate? KAUFMAN: It's important to understand that things may not be as perfect as they were before in terms of the household. The laundry may not be done when you want it to be done. The house is not going to be spotlessly clean. The sooner you adjust, the easier it will be, and it will make your away-from-home job easier...