Watch my reaction dance video to the terrifying debt stats in American below or click here.
Average debt in America
What’s the cost of credit card debt?
NerdWallet also reported more than a quarter of credit card users pay late fees, (which add up to three billion spent in fees!). Delinquent credit cards, users 90 days or more late, have increased by 22% over the last four years.
If you think making more money is your solution to paying off credit card debt, you’re wrong! On average, the higher the household income, the higher credit card debt is (even for people who make almost $300,000 a year).
Credit card debt by income level
Median Income
$16,290
$35,630
$59,050
$95,700
$151,700
$290,160
Credit Card Debt
$3,830
$4,650
$4,910
$6,990
$9,780
$12,600
% with Debt
30.5%
45.6%
55%
56.8%
45.9%
32.2%
It isn’t what you make, it’s what you do with what you have now!
In addition to credit card debt, car and student loan debt has escalated.
According to The Federal Reserve, Americans owe $1.37 trillion in auto loans, with an average balance of $28,035. Student loans take the lead with $1.56 trillion in outstanding debt and an average balance of $57,520.
You can get out of debt in 36 months or less!
What’s holding you back from paying off debt? Is it procrastination, overwhelm, or maybe you don’t know where to start? Head to the blog here and let me know in the comments!
If you aren’t making the progress you want with money, click here to find out three money mistakes you can’t afford to make and how to (finally!) get the results you want with money. No matter where you are now, you can become debt-free. Crazy money mistakes you made in your twenties don’t need to haunt you forever. With a little education and a solid plan you can turn things around! When you click here, you can also schedule a 15-minute free money coaching call with me. If you have friends, family or coworkers who also geek out on personal finance, then invite them to get my free class by sharing the link here!
As always, you only live once, be smart with your money now!
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Save the date for the April Executive Money Meeting.
Join me on FB & IG April 26th at 8 pm central for a live money Q&A, plus check-in on money. You don’t need to figure this money stuff out on your own!
