Average Credit Card Debt: The Picture Is Less Than Rosy
The path to achieving success in life and attaining an elevated financial status undoubtedly means understanding and adhering to the principals of living below your means both before you succeed in life and also, after success comes your way. If you have a healthy dose of self-esteem, it would help you greatly to achieve the proper level of financial prosperity since it will give you the courage to plan and also execute proper financial strategies that will ensure that you never fall prey to uncontrollable debts.
Thus, to stay out of debt you will need to have a plan that is feasible and workable and though people have differing lifestyles and personal tastes, one thing that remains constant is that it is important to be committed to reducing debt and to also avoid it from touching your life in the first place.
You Could Become A Millionaire
In fact, if you were to realize that if average credit card debt of people living in the US was put into your hands, you would become a millionaire many times over. Thus, to not also become a figure in the average credit card debt of people living in the US, you need to curb your careless spending habits and also look to how best to reduce the interest on your card and also pay off all of the debts outstanding on them.
In fact, by studying the average credit card debt you should easily come to realize that if you saved the money that you spend in paying off interest each year, you would come to have a tidy sum of money that you can spend more profitably. This is especially important to realize because the average credit card debt in the US is a growing problem that is only getting worse with each passing year.
Thus, this average credit card debt is the reason why there are serious financial issues affecting the credit card market and beyond. In fact, this average credit card debt will have an adverse effect on your mortgages, foreclosures as well as jack up the numbers of people filing for bankruptcies and even have an affect on school as well as car loans.
What's more, when the average credit card debt grows, you will need to turn to using things such as debt consolidation and even use more stringent methods in order to fix your credit and regain financial independence. If you are still doubting the seriousness of the credit card debt situation, then the fact that the average credit card debt balance for an average American that works out to about a thousand dollars should show you that things are far from hunky dory.
In fact, an American household on an average has about nine thousand dollars of debt to pay up, though the average credit card debt amongst those with more than one credit card is more than nine thousand dollars. Worse still, from the year 1990, this same average credit card debt has more than tripled, which shows that the problem is worsening rather than improving.
