For many Americans, the financial future feels uncertain. Here are some interesting stats. See how you compare.
Average Household Income $80,610/year
*US Census Bureau 2023
Average Household Consumer Debt:
Mortgages: $230,925
Student Loans: $58,408
Auto Loans: $36,832 (with average new car payment $738/mo and $532/mo used car payment)
Credit Cards: $19,865 (with Average Interest Rate of 22.63%)
*US Census Bureau 2024, Federal Reserve 2024, Dave Ramsey Site
What can you do when you feel like you are drowning in debt?
First, know you are not alone. AND know you don't have to stay there! We are a big proponent of the Dave Ramsey Financial Peace University. We've held classes at our office for years, as well as at our church. Start with a plan, take small steps toward your financial goals, and see your debt shrink before your eyes. It takes some hard work, but what's you get your systems and routines in place, it will become more automatic over time.
Always begin with your emergency fund. Save $1,000 as quick as you can to accomplish this first milestone.
List out your debts. Some systems recommend smallest balance to largest balance. Others say highest interest rate to smallest. There are benefits to both strategies. Paying of some of your smallest balances first will help you feel a financial WIN quickly. Which can help you build momentum. List out your debts and decide the best approach for yourself.
Choose ONE of those debts to pay as much as possible on the balance, while paying minimum payments on the remaining debts. Each time you pay off the one you are focused on, roll that total payment on to your next debt in line and continue until you are debt free!
You can do this with a little effort on your own. If you decide you'd like to surround yourself with like-minded people, consider finding a Financial Peace University class near you. Or, let us be your accountability partner! We have a passion for helping people get out of debt and have financial stability. Reach out and let's connect!
MVP has helped MANY people in a variety of ways throughout the years. Let us be your guide!
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