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Recent statistics show that
the average American household carries approximately nine-thousand
dollars in credit card debt alone. Not even considering other
monthly payments, such as health and auto insurance, life insurance
and a home mortgage, that much credit debt on an average American
salary (thirty-five thousand a year), can result in high amounts of
interest over the years. Just accounting for 18% interest alone, one
would have to pay one-hundred and thirty five dollars a month, which
amounts to eight hours of work on an average salary. Add to this the
minimum payment needed to begin chipping away at the borrowed money
itself, and you are looking at one-quarter of one's work hours going
towards paying off that credit card. |
