At the end of 2007 the credit card debt in the US was $972.5 BILLION according to the Federal Reserve.
The average household has $11,000. on their plastic Households that carry debt from month to month carry close to$ 17,000 of unsecured debt on average.
One out of five households is either behind on payments or over the limit on at least one account. These are living in the "penalty rate zone" on credit cards.
The interest and penalties alone on a debt of $17,000 total $400. per month. If one pays $400. it doesn't put a dent into the $17K outstanding.
And this is in a country that was founded. prospered and grew on the principal of savings.
Isn't it time to return to basics?
Bill McInerney
BUYING OR SELLING? CALL BILL MCINERNEY 617 816 3933
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