“As emergency savings drop and credit card balances rise, experts say taking 3 steps can help”
May 30, 2023
“Americans have suffered in “declines in overall financial well-being,” according to a new annual Federal Reserve report on economic well-being of U.S. households released last week.
Only 63% of all adults can cover an unexpected $400 expense, the report on 2022 found, down from a high of about 68% in 2021. The results are in keeping with other recent surveys that likewise show the cash cushion Americans have set aside for emergencies has dwindled in the face of record high inflation…
U.S. credit card debts now total nearly $1 trillion — or $986 billion, to be precise — as of the first quarter of 2023, according to the Federal Reserve Bank of New York. That marks the first time in 20 years balances have not fallen following the holiday season, according to the central bank’s research…”
If you have debt the only advice you need is pay off that debt. It’s that simple. Debt is bad unless it is creating cashflow for you.If that debt does not make you money its bad debt. Pay it off. It’s not rocket science.