Owe Someone Money? Don’t Feel Bad, You’re Not Alone
In this day-in-age, it's more important than ever to manage and protect your credit score. Your score impacts everything you do.
It determines how much money you can borrow to buy a house, what kind of car you can afford to drive, even what kind of job you're able to hold down.
I recently read an article about how much the average family in this country owes - and it's MIND BLOWING!
So, would you like to take a guess?
Are you sitting down?
The average family today owes over $16,000 on their credit card(s), and when you add up everything, including mortgatge, the total climbs to nearly $136,000.
That's according to the NerdWallet annual survey. Researchers found with medical expenses and housing costs continuing to go up, income growth hasn't kept pace.
What that means is more and more families around the country are having to rely on loans and their credit cards just in order to make ends meet.
Another shocking finding - the average family in this country pays nearly $1300 in credit card interest each year. That's just on credit card(s).
That's not counting the interest being pay towards student loans, home mortgages or car loans.
Where it all ends no one knows, but experts say the best thing to do is to work with a financial advisor and try to get caught up before it's too late.
To read more about debt owed in this country, here's a link to the NerdWallet website.
Source: Nerd Wallet