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Just recently American’s consumer debt—that’s everything except mortgages—hit $3.789 trillion.

So what’s a trillion? It’s a million million; a thousand billion or 1,000,000,000,000. A billion is a thousand million. Or 1,000,000,000.

young woman with a shocked expression examining a document with a magnifying glass

A billion seconds ago it was 1986 and Ronald Reagan and Mikhail Gorbachev opened talks at a summit in Reykjavik, Iceland. A billion minutes ago it was the year 117 A.D. A billion hours ago our ancestors were living in the Stone Age.

But a billion dollars ago in consumer debt was something like just two weeks ago!

Learning how to manage your debt starts with understanding what’s in the fine print.

The principle of fine print. Never trust the flashy print, the cool logos or the enticing promises. There’s always a catch in the fine print. Remember this: What the big print giveth, the fine print taketh away!

Changing the rules. When you signed by your signature you gave the company the right to change the terms at any time. They can raise rates, shorten grace periods and basically change the rules and terms to their advantage whenever they feel like it. But they must tell you in writing.

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