Decide to Be Debt Free
Do you constantly wonder why you can’t whittle down that credit card balance? You are certainly not alone. Thirty-six percent of workers in the US say they are living paycheck to paycheck.
Credit Cards – A Mixed Bag
Credit cards have revolutionized financial convenience over the past 50 years, but for many, their ease of use has become a double-edged sword. While credit card debt dipped from its 2008 peak of over $1 trillion at the start of the Great Recession, it rebounded quickly. At the end of 2023, the average credit card debt per borrower was $6,360, or about 10% higher than the year before. Collectively, this adds up to an additional $50 billion in new debt in a single quarter and a total $1.13 trillion in U.S. credit card debt.
Think minimum payments are slaying your credit card debt? Not quite. Unlike car loans where you see a steady decline, credit card debt feels like a monster under the bed - always there, and sometimes growing! Why? Interest rates can change, and payments only chip away at a small portion of what you owe.
Ready to banish this beast? We can help!
Book your free consultation
On Your Path to Financial Freedom.