It's time to get you out of debt. No matter what you think you know, debt is bad. Your gut tells you that everytime you swipe the credit card. It's time to follow your gut and get out of debt.
There are currently over 1 billion cards in circulation in the United States. That's more than 3 credit cards for every man, woman and child in America. That's a bit of a problem if you ask me. Our consumer debt exceeds the national debt. How can we expect our government to stop borrowing when we can't even control our own spending.
A typical American family spends nearly 90% of their disposable income on paying debts. Wouldn't you rather go out to dinner with that money? Take a vacation? Buy stuff for yourself? Sure you would. The problem is you want it now. Rather than save up for that vacation, you have been taught to put in on the card and pay it off over the next 12 months. That way you can put next years vacation on the card. Bad idea. Rather than saving, we are charging and trying to pay it off with very poor results.
Last year 24% of the bankruptcies filed were done by Americans under 26 years old. That's a pretty grim figure. To get so far into debt that you have to file bankruptcy by that age is scary. A typical 26 year old hasn't purchased a home. They have student loan debt (not bankruptable) a bunch of credit card debt, and an enormous car payment. All that damage done in a matter of a few years.
3 out of 5 households owe over $11,000 in credit card debt. Most of those households are only paying the minimum payments. If you are only paying the minimum and the average rate is nearly 24% your total payout is going to be nearly $60,000! It will only take you 20+ years to pay it off. Was that $11,000 shopping trip worth it? What is that stuff you had to buy worth now?
It doesn't have to be this way. You can dig your way out of the hole and move forward. It's not going to be easy. It's going to be hard work and take some time but you can do it. It's time. Let's get you out of debt.
