Authored by Leandro Delgado
I was shocked when I read a new statistic while I was reading the news on-line today using our internet connection that we got at the office through t1.xo. The statistic said that the average American household held sixteen thousand dollars in credit card debt! That is a ton of money. I get stressed out when my credit card bill starts reaching near two thousand. When I hit two thousand, I make sure that stop using the card. The interest rates for credit cards is historically really high too. I can’t imagine being sixteen thousand dollars in debt on my salary. It would literally take me twenty years to pay it off. I am single though and I guess that I should consider the fact that families with two working parties can handle incurring more debt. What was pretty cool though that was shown in addition to the article was a credit card calculator. You put in your credit cards, minimum payment, outstanding balance, and interest rate. The calculator will tell you which card you should pay off first. I love these resources!