Surviving the Credit Crisis – What’s your Credit IQ?
You are standing in a local department store and you’re about to make a purchase. You pull out your credit card to pay for the item. You want it and you want it NOW!!! The gratification that we get from plastic is just like any other form of drug, it feeds our needs when we’re happy, sad, hungry, depressed, worried, confused and the list goes on…
But… what kind of affect does it have on our overall financial health? As I reviewed the statistics, I was shocked when I saw the bigger picture:
• Total U. S. consumer personal debt is $2.5 trillion as of December 2011.
• Average consumer household credit card debt was $15,956.
• 609.8 million credit cards are held by U. S. consumers.
• Average number of credit cards per consumer is 3.5 as of 12-31-2008.
• Average interest rate on credit cards with a balance is 14.96% APR as of 2-6-2013.
As more an more consumers shop online, credit card debt and identity theft are going to become more and more an everyday challenge. As mortgage credit requirements continue to tighten, every aspect of our life is going to be affected by the choices we make when it comes to the utilization of credit. But…how are we supposed to know how to manage it all? What is good debt and how do you know when you’re in trouble? Auto loans, student loans, credit cards, department store cards, etc…
Credit is everywhere and a constant lure for the lifestyle we crave…at least until the credit card statement arrives in the mail!
Join me today as my guest, Betty Bowne, Author of Where’s Your Money Going? and I share our personal stories on credit and explore Credit I. Q. – How to management credit and live a happier life!
Very exciting stuff!