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

<p>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.</p><p>Facts:</p><p>Credit card debt decreased during the pandemic, however, Americans spend too much with credit cards.</p><p>1. Average credit card balance  $5,525  dollars</p><p>2. Average revolving utilization rate 25%</p><p>3. Loans made by banks $806 billion</p><p>4. Highest number of credit cards owned by generation is baby boomers 3 cards</p><p>5.  Gender credit card debt - men $7,407    women $5,245</p><p>6. Race - Caucasian $6,940  highest  credit card debt   African Americans lowest credit card debt $3,940 </p><p>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.</p><p>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.</p><p>Discover more about Paul's virtual Financial Fitness course at this link, it can make a difference on your financial journey: <a href="https://bit.ly/3dbperG">https://bit.ly/3dbperG</a></p><p> </p>