In 2006, consumer debt in the U.S surpassed #2.3 trillion dollars Credit card account for nearly half of that debt. In the last decade credit cards has quadrupled. The average American household has 11 credit cards with a balance of over $12,000 at an average interest rate of 18%.
If you make the minimum payment on that debt, at 18%, it will take you almost 34 years to pay it off and will cost you almost $18,00 in interest alone.
People say if only I made more money I would not be in debt. The amount a person makes has nothing to do with their debt. It depends on our financial education and what we do with that money.
We make more money than we ever have. Yet more people than ever are living pay check to pay check. Rich dad provides people with a financial and business education. Rich dad is the most success business author.
