Crazy Money! $628 Billion in Credit Card Debt!

It’s Crazy Money Day! 

Can you guess how much credit card debt is unpaid or rolled over by Americans every month? $628 billion. That’s 628 followed by 9 zeros. That’s crazy! Someone earning $45,000 a year would have to work 22,000 years to earn just $1 billion, and we’re talking $628 billion of debt! Part of the problem is that the average interest rate on credit card debt jumped to a record 25%. At that rate, unpaid balances are unsustainable! Stimulus checks initially eased the burden for those with credit card debt, but the excess money in circulation caused prices to rise. Household expenses rose, along with the cost of owning a car, owning a home, or paying rent. Thanks to inflation, savings were decreased or depleted by many. This led to the increased dependence on credit cards.

Now if you’re struggling to pay your bills, don’t lose hope. With God all things are possible! Ask Him for help to make necessary sacrifices, to pay back the loans. Only spend money on absolute necessities. Eliminate wasteful spending and start tracking every dollar you spend. Imagine a life-or-death situation where every dollar counts. Tighten up your spending for a period of time, and that can produce dramatic results! The more you repay, the sooner you’ll get out of debt. Now the debt snowball or avalanche methods found on our website can get you started. Let’s reduce that $628 billion of credit card debt!

And if you’re behind in credit card payments, Christian Credit Counselors are the best. They’ll create a debt management plan that works. For more information visit online at crown.org/ccc.