Americans Have Way Too Much Credit Card Debt

I like to "collect" posts on various topics. Here are a few:

Posts about people who have a solid net worth despite having a low income. I like these posts because they show that you don't have to make a gazillion dollars to become wealthy. You simply need to spend less than you earn and invest that difference. Over time, your wealth will grow.

Some posts in this category include:

• Looks Like the Income Needed to Become Wealthy is Far Lower than Most People Think
• An Example of How to Get Rich on an Average Salary
• Another Example of Getting Rich on a Low Salary

Posts about how people with huge incomes go broke. These posts illustrate that no matter how much you make, you can spend it all and then some and go backwards financially. So while a high income is important, it does not guarantee financial success if you can't control your spending.

Some posts in this category include:

• More Rich People Who Lost it All
• Now $1 Million is Not Enough to Live On
• Seven Costly Pro Athlete Screw-ups
• Stars Who Have Lost Fortunes

Posts about how terrible Americans are at managing their money. These posts keep me writing. People out there simply don't know how to manage their money!!! Hopefully I can help them with that.

Some posts in this category include:

• How Many Americans Live Paycheck-to-Paycheck?
• Finances of the Average American
• Americans Stink at Money Management

Today's post falls in the last category.

Money Magazine's July issue says:

"Families haven't owed this much since the Great Recession. The Federal Reserve has found that high income families who carry a [credit card] balance owe more: $8,300 a year, on average. That's almost $1,500 in yearly debt costs."

Why, oh why, do people carry credit card balances -- especially if they have high incomes?

Credit cards should not cost you money -- they should help you MAKE money!!!

Stats like this do not surprise me any more, but they do make me wonder...

Comments

[Jennifer]

Please send me the URL to your new site.

[Dkate]

Well so true.
I am also dealing with same issue and looking advice to manage my credit card debts efficiently. Your post really touched some good points. So, thanks for putting it together to help credit card users like me.