Dave Ramsey once said, “Debt is dumb, cash is king.” Truer words have never been spoken.
According to data from the U.S. Federal Reserve, the average amount of credit card debt per U.S. household is over $16,000. And even though debt and consumerism are the American way, staying up at night worrying about money doesn’t have to be the norm.
The ability to make the minimum payments on all your debts each month doesn’t constitute financial stability. Your credit card bills may not be keeping you up at night yet, but if you analyze your financial situation, you may find that you are closer to the edge than you think.
Here are a few warning signs that you have way too much debt: Read more.
Featured image by Jason Rogers on Flickr