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State of U.S. debt
So, It’s 2020, y’all, and at the time of this recording, in the United States, there are great things to celebrate financially — wages are going up, the stock market is doing great, job growth is good, and unemployment is really low.
However, when it comes to debt, there are a few downer statistics to report.
According to The Motley Fool, in 2019, “The overall credit card debt of the United States increased for its sixth straight year, which is an all-time high, and is greater than the pre-financial-crisis peak.” Also, Americans had an average of four credit cards per person last year.
And According to Nerdwallet statistics, “The Average U.S. household has nearly $7,000 in revolving credit card debt, about $28,000 in auto loan debt, about $47,000 in student loan debt, and about $190,000 in mortgage debt.”
According to experts who watch generational trends, finances really do look very different depending on your generation.
That may seem like a very low bar … but to younger millennials, who make on average about $35,592 a year,and are carrying an average student-loan debt of about $30,000, not to mention credit card debt, being out of debt may seem like the ultimate high prize that may feel elusive.
SO—against that backdrop, today we want to give you Mary Scott, Rachel, and Liz’s hard-won, real-life tips that have helped each of us – a Gen-Xer, an older Millennial, and a younger Millenial. And of course, we caveat that we are not financial advisors, just real people trying to be good stewards of our finances.
And we’re going to frame our tips around 2 Key Steps:
1 – Get in the Right Mindset
2 – Make a Plan & Execute It
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