Why Does Credit Rules Everything Around Me and How to Stop it
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.
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Credit is not bad. It’s just detrimental to your wealth
In this episode of TFG, the crew discuss how you can manage your money and specifically your credit better.
With interest rates rising due to inflation, national average APR at 15.13%, cash flow management will be key to keep 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.
In a Word, Wealth Snowball!
Activating your wealth snowball is the way to go. What is it? Well, basically all you need to do is to amass capital and let it work for you through the power of compounding interest.
Compounding is the magic that occurs when your money earns interest – or investment returns – over a long period of time. Even an investment of $100 per week for 40 years, can make you a multi millionaire. You don’t have to be filthy rich to start.
You simply have to start. Read How Future Millionaires Invest and Build Wealth in their 20s and 30s.
Beyond Credit and unto Wealth:
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 credit and debt, we talk about Finances.
Specifically, how to become Financially literate, incorporating actionable steps and ultimately building 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 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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