Here’s more of a personal finance post, but, hopefully it gets you thinking. I’ve always liked the convenience of credit cards. They are certainly easy to use and above all it’s nice to be able to spend money on “instant loan” instead of having to wait until payday. The idea is to pay off your card at the end of each month in order to avoid interest on your monthly balance, but, if you are like most people you will settle for some debt, then some more, until you realize one day that you are in trouble.
The average American household with at least one credit card owes a collective sum of approximately $9,000 according to the Federal Reserve’s 2001 Survey of Consumer Finances. This is a very unfortunate statistic. Now keep in mind that this is an average. There are certainly people with much less, however, there are also some people with a lot more. Eventually once you reach debt well into the thousands of dollars it becomes increasingly difficult to get out of debt.
