In this episode of TFG, the crew discuss how you can manage your money and specifically your credit better. With interest rates rising due to inflation, cash flow management will be key to keep your family afloat through the "not-a-recession" period. Your credit card debt is about to cost you more. So buckle up to find out what to do.
Americans have an absolute mountain of credit card debt in 2022 — $841 billion, to be exact.
Overall, the national average card debt among cardholders with unpaid balances was $6,569. That includes debt from both bank cards and retail credit cards.
The four states with the most debt were all on the East Coast, while the three lowest were found in the South. There was a major difference in balances between the states at the top and bottom of our rankings, with New Jersey cardholders owing $7,872 and Kentucky’s owing $5,441. That means the average New Jersey balance is 45% higher than the average balance in Kentucky.
In this episode of TFG, the crew discuss how you can manage your money and specifically your credit better.
With interest rates rising due to inflation, national average APR at 15.13%, cash flow management will be key to keep your family afloat through the "not-a-recession" period. Your credit card debt is about to cost you more.
So buckle up to find out what to do.
Detailed show notes, www.theneighborhoodfinanceguy.com
About Us:
The Financial Griot is a play on two words (Finance + Griot) that hold significance in closing the wealth gap while embracing our differences. We tell the stories that others don't. Stories about growth, opportunity and embracing changes. Beyond that we talk about Finances. Specifically, how to become Financially literate, incorporating actionable steps and ultimately building generational wealth.
Can you imagine being a Millionaire in 20 years or less? Yeah it's possible. 80% of millionaires are first generation. That means they didn't come from wealth. We teach you how. Join a community of subscribers that welcome a fresh take on money.
So there you have it, The Financial Griot or TFG for short. The hosts were able to amass over $2 Million in wealth in about 8 years and are on track to retire early. If you want the secrets; we will gladly share them since opportunity is abundant and Win-Win.
Connect with TFG Crew aka the Hosts:
Alainta Alcin - Blogger, Travel and Money Enthusiast @alainta_alcin
Lovely Merdelus - Entrepreneur and Small Business Growth Specialist @lovelymerdelus
Lawrence Delva-Gonzalez - Federal Auditor, Blogger and Tax Specialist