Do you pay off your credit card bill every month? If not, how often do you pay off the full balance? If you haven’t in the last year, you’re with the majority of balance-carrying Americans.
According to a recent CreditCards.com poll, over half (56%) of Americans who have balances carry them for over a year – and half of that group isn’t stressed about their debt. Approximately 23% of debtors have been in debt for at least three years, and 14% of debtors have been in debt for at least five years.
If you don’t care about running debt, you should. You’re not only paying extra interest charges, you’re also leaving yourself no cushion for a true financial emergency.
The More You Have, The More You Spend
Debt isn’t inherently bad – it allows you to handle large purchases without destroying cash flow. However, the convenience of credit cards can lead to excessive debt through overspending.