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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