$7,073: Credit card debt for the average American household
Between 70 and 80% of the adult population in the US own credit cards. That's a lot of people potentially paying with money before they have it, using the typical "buy now, pay later" mentality that comes with a credit card. However, for many people, "later" has become past due. The average American household has $7,073 in credit card debt according to the Federal Reserve. With credit card interest rates hovering around 12%, if you had that much debt and made minimum payments it could take you more than 20 years to pay it back and you'd pay over $7,000 in interest.
Falling into credit card debt can be hard to recover from, especially in today's low yield world. Take action today to make sure your money lasts longer and works harder for you.
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Sources: iShares Blog, "Jessie's Excellent Financial Adventure: Graduating in the Real World," 6/7/2013; Federal Reserve; The Atlantic, "Yes, Credit Cards Are Making You a Bad Person," 6/12/2013
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Prepared by BlackRock
Delivered courtesy Joel W. Grams, CRPC®, CLTC,
Registered Representative, Financial Planner, 212 Capital Group
38 Main Street Suite 360, Westlake Ohio 44145
(440) 835-4501 Ext 17, jgrams@212capitalgroup.com
The foregoing discussion is general in nature and not intended as specific advice. New England Financial nor its representatives are engaged in rendering tax, accounting or legal advice. A qualified professional should be consulted regarding the effect of such considerations on the matters covered in this publication.
For information on New England Financial insurance or other financial products and services, please contact
Joel W. Grams, CRPC®, CLTC, Registered Representative, Financial Planner with /New England Financial 38 Main Street Suite 360, Westlake, OH 44145, at (440) 835-4501 ext. 17, jgrams@212capitalgroup.com
.
New England Financial is the registered mark for New England Life Insurance Company (NELICO) Boston, MA 02116. Securities and investment advisory services offered through New England Securities, Corp. (NES)(member FINRA/SIPC) a Registered Investment Advisor. NELICO and NES are MetLife companies.
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