Why yes…yes we are.
4.144 Trillion in consumer debt.
That’s the most up to date number as of Q3 2019 that plagues our country. Debt is a plague. 78% of the population lives paycheck to paycheck! Most folks cannot cover an emergency of any kind that costs over $1000. On average, consumers pay in $769 of interest a year on a 60+ month car loan. And it doesn’t get better for folks who finance a used car either….they often pay MORE at $895 a year. What about credit cards? On average $855 a year paid in on interest. Additionally, student loans with a 10 year repayment plan with an average of $37,172 of debt, paid in $641 a year of interest.
That’s the average amount of interest (aka a Rich person’s FREE money made off of us) paid every year. This doesn’t include mortgage interest! Roughly 66% of the population have a mortgage while 34% either own their home or have never opened a loan for one. Roughly $6,000 on interest is paid in on a 30 year mortgage loan every year. That’s almost $170k in 30 years!!!
Credit card, auto loan, student loan, & mortgage loan interest paid a year on average. What would you do with that money? Invest it right? If you invested $8,265 every year, on average you’d gain $826.50 with a market performing at 10%. After 30 years you’d have $272,745.00! From money that we just give away to someone else!
Currently Debt Free From…
We have been a problem with debt, but now we’re working our solution. Debt free is the only way to be. As of now we are FREE from…
- Student Loans.
- Credit Cards.
- Car Loans.
- Personal Loans.
Anyone else sick and tired of being sick and tired? What’s your solution?