The article published today by CNBC about consumer debt got me thinking about some things.
The Federal Reserve reports that consumer debt in America reached $4 trillion dollars this month.
10% of disposable income is being spent on non-mortgage debt.
So far, so good, but here's what got me. Average credit card balance: $4,293 at an average 17.41% interest rate.
Total credit debt? More than $1 trillion.
One-third of Americans fear they will max out their credit card when they make a large purchase WHICH MOST DEFINED AS BEING ANYTHING OVER $100!
The article was presented without any interpretation or application of the facts. I'm flabbergasted. Another article I read recently stated that 7 million Americans are at least 90 days delinquent on their vehicle loans!
Bear in mind that these facts reflect a trend that has held true throughout multiple administrations and multiple economic climates.
I think we need an education in American about living within our means.
Your thoughts below?