You don’t have to live with debt that threatens your financial security. Learn how to manage your debt responsibly.
One of the biggest debates we routinely get in is that of “responsible” use of credit. People tell me how they use their credit cards for things they buy every day, and then pay them off every single month so as not to get hit with interest charges. While there are some that do actually do this, the reality is that there are over 100 million Americans every single month that don’t pay off their credit cards. That number goes up even higher when you factor in those that pay them off every month except for a month or two here or there.
According to a 2019 study, Americans were carrying:
The same study showed that the average “revolving credit card debt,” the debt Americans carry over month to month, was almost $7,000, costing those families on average over $1,100 in annual interest!
As best-selling author Chris Hogan says, “When you start to realize that paying interest is a penalty and earning interest is a reward, that’s a game changer!” That means every month over 100 million Americans give away their hard earned money to a bank so they can have some stuff. Think about the raise you could give yourself if you stopped paying interest to the bank.
Imagine your life right now with absolutely no debt payments whatsoever. What could you do with your life with no debt payments? Could you give more to your favorite charity or church? Could you fund your retirement dreams? Could you fund your kid’s college fund
Making healthy financial choices is essential to building a strong financial future. Our Legacy Go-Bag makes organizing and keeping track of your finances easy. A Legacy Go-Bag creates an organized place to have all important personal information and instructions to help your family locate items related to your personal finances and final wishes. A Legacy Go-Bag will help give them specific instructions, from you, about how you want things to occur in the event that you pass away or are seriously injured.
Organize your finances with the Legacy Go-Bag Worksheet.