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

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.Facts:Credit card debt decreased during the pandemic, however, Americans spend too much with credit cards.1. Average credit card balance  $5,525  dollars2. Average revolving utilization rate 25%3. Loans made by banks $806 billion4. Highest number of credit cards owned by generation is baby boomers 3 cards5.  Gender credit card debt - men $7,407    women $5,2456. Race - Caucasian $6,940  highest  credit card debt   African Americans lowest credit card debt $3,940 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.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.Discover more about Paul's virtual Financial Fitness course at this link, it can make a difference on your financial journey: https://bit.ly/3dbperG