TAKE THE POLL: CLICK HERE
“Shark Tank” star Kevin O’Leary said recently that credit card debt is the real “silent killer” of American finances.
Credit card balances now total some $1.17 trillion in the U.S. while interest rates hover around 21%, according to Benzinga. Credit card debt is so bad that the outlet described the crisis as “entrenched … in American households.”
“If you use your credit cards, you do not want to be rich,” billionaire Mark Cuban said of the situation. Benzinga broke down Cuban’s analysis as: “if your credit card interest rate is 15% to 20%, paying it off is like earning that percentage back. In his view, there’s no better return on investment. (POLL: Do You Think it’s Easier to Find Work in January?)
Where Is The Problem The Worst?
Palm Beach, Florida; Rumson, New Jersey; Pacific Palisades, California; New Canaan, Connecticut; Newport, California, are the top five cities with double the national average in credit card debt, according to the NPTelegraph. The remaining top 20 locations all appear to be in the suburbs of major cities.
Only 2 in 5 Americans say they’d used savings to cover a major unexpected expense, like a $1,000 ER visit, according to Bankrate. “We are essentially a paycheck-to-paycheck nation. Fewer Americans have the equivalent of a financial safety net to cover inevitable unexpected expenses, despite low unemployment and steady growth,” says Bankrate senior economic analyst Mark Hamrick.
How Do You Feel?
Take action by using your voice today. Did you know that lawmakers, business leaders, and even public servants use polling data to inform their policies and practices? These might seem like simple questions, but answering them can have far-reaching impacts on the world around you.
Don’t let your voice be lost in the ether of the Internet! Take control and take back your power today by signing up to take a poll — take all of them if you like!