200 The Four Letter Word That Wreaks Havoc On Your Finances - Debt

One of the things more families need to do is to have money
talks. The focus of money talk should be on the four-letter word,
debt.


Facts:


Credit card debt decreased during the pandemic, however,
Americans spend too much with credit cards.


1. Average credit card balance  $5,525  dollars


2. Average revolving utilization rate 25%


3. Loans made by banks $806 billion


4. Highest number of credit cards owned by generation is baby
boomers 3 cards


5.  Gender credit card debt - men $7,407    women
$5,245


6. Race - Caucasian $6,940  highest  credit card debt
  African Americans lowest credit card debt $3,940 


Total consumer debt Americans $4.4 trillion, revolving debt $1
trillion, nonrevolving $3.4 trillionWhat can we do about our
debt?  Get a spending plan of 50% for necessities, 30%
nonessentials, savings/emergency funds 20%, perhaps move monies
from nonessentials to savings, to offset your debts.


Picture where you will be financially in 10, 20, or 30 years from
now. Work to become debt-free and you will exceed your financial
expectations. You must start today if you are to live your best
life possible during your golden years.


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this link, it can make a difference on your financial journey:
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