No More Debt

Not a big fan when it comes to talking about negative topics, but in this case unfortunately the truth hurts. What is true, how about some of these numbers:

·         Average credit card debt per household with credit card debt: $14,743

·         609.8 million credit cards held by U.S. consumers.

·         Average APR on new credit card offer: 14.83 percent

·         Total U.S. revolving debt (98 percent of which is made up of credit card debt): $796.1 billion, as of March 2011 

·         Total U.S. consumer debt: $2.43 trillion, as of March 2011

·         U.S. credit card 60-day delinquency rate: 3.23 percent.

·         Discussing credit card debt is highly taboo. The topics at the top of the list of things that people say they are very or somewhat unlikely to talk openly about with someone they just met were: The amount of credit card debt (81 percent); details of your love life (81 percent); your salary (77 percent); the amount you pay for your monthly mortgage or rent (72 percent); your health problems (62 percent); your weight (50 percent).

What positive can we take from this if any? It is not necessarily a good thing but if you look at this just know that you are not alone. That millions of Americans are in the same place you are and some much worse. However, there is a way out, be it slow, but a way out. Stay up to date on the blog as the next couple of weeks we will dig deeper into how to escape the prison that is consumer debt.