Prices Push Debt Balances Up. 20 Percent to Be Exact.
Americans have an absolute mountain of credit card debt in 2022 — $841 billion, to be exact.
Overall, the national average card debt among cardholders with unpaid balances was $6,569. That includes debt from both bank cards and retail credit cards.
The four states with the most debt were all on the East Coast, while the three lowest were found in the South. There was a major difference in balances between the states at the top and bottom of our rankings, with New Jersey cardholders owing $7,872 and Kentucky’s owing $5,441. That means the average New Jersey balance is 45% higher than the average balance in Kentucky.
In this episode of TFG, the crew discusses how you can manage your money and specifically your credit better.
With interest rates rising due to inflation, the national average APR at 15.13%, and cash flow management will be key to keeping your family afloat through the “not-a-recession” period. Your credit card debt is about to cost you more.
So buckle up to find out what to do.
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About Us:
The Financial Griot is a play on two words (Finance + Griot) that hold significance in closing the wealth gap while embracing our differences. We tell the stories that others don’t. Stories about growth, opportunity, and embracing changes. Beyond that, we talk about Finances. Specifically, how to become Financially literate, incorporate actionable steps, and ultimately build generational wealth.
Can you imagine being a Millionaire in 20 years or less? Yeah, it’s possible. 80% of millionaires are first generation. That means they didn’t come from wealth. We teach you how. Join a community of subscribers that welcome a fresh take on money.
So there you have it, The Financial Griot, or TFG for short. The hosts were able to amass over $2 Million in wealth in about 8 years and are on track to retire early. If you want the secrets; we will gladly share them since the opportunity is abundant and Win-Win.
Connect with TFG Crew aka the Hosts:
- Alainta Alcin – Blogger, Travel and Money Enthusiast @alainta_alcin
- Lovely Merdelus – Entrepreneur and Small Business Growth Specialist @lovelymerdelus
- Lawrence Delva-Gonzalez – Federal Auditor, Blogger, and Tax Specialist
- @theneighborhoodfinanceguy
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