Last updated on January 31st, 2025 at 01:46 pm
It appears that debt is embedded in the American way of life, according to a study by the Pew Charitable Trusts. Click Here to View the Report.
The report is interesting to me in that it points out how Americans think about debt by generation and by race.
Most notably, mortgages are by far the most common liability, with student loans holding a high mark for younger generations.
In addition, 69% of Americans feel as though debt is necessary for them to live their lives, though they say they would rather not have the debt.
68% of Americans feel as though loans and credit cards have expanded their financial opportunities.
It is a fascinating report and it reveals so much to me and if you take the time to read the report it may reveal something different to you.
Here is the bottom line:
Credit, if used wisely, can open up so much opportunity for you as an individual, regardless of race or generation.
All it takes is having a clear picture of your total household income from all sources and total expenses, such as food, transportation costs, rent, etc.
Putting these two categories side-by-side in writing can go a long way to determine a strategy to get out of debt and taking control of your personal finances.
One more thing, just because you get ‘approved’ for a loan, whether it be for a mortgage, college, or an auto loan, does not mean you should jump right in and sign.
Remember, not all offers for credit are the same, you have options, and you should absolutely shop around for the best rate and the best terms.
Goodwill Credit can help turn your bad credit into good credit and make your good credit even better. SUBSCRIBE NOW.