According to a recent survey By Bankrate.com, only 55% of Americans have more in savings than in credit card debt. I’d like to say I can’t fathom how anyone could have more credit card debt than savings and that I would never put myself in such a situation… but I was in the exact position when I was $50,000 in debt!
Debt sucks because it prevents us from doing the things we want in life; we spend too much time worrying about next month’s payments to begin to even think about pursuing what we love.
Here are some more interesting stats from the survey:
- 60% of men and 49% of women say they have more in savings than in credit card debt.
- 67% of people making at least $75,000 a year have more savings than credit card debt, while just 41% of those making less than $30,000 report the same.
Wow, according to the survey, men are better savers than women! Do you believe that or is it that men are more comfortable with lying?!
The good thing is surveys aren’t indicative of how you have to live your life. If you’re ready to take control of your money so you can pursue the things you love follow the steps below:
1. Complete a current assessment
2. Track your spending
3. Create a spending plan
4. Monitor plan and adjust as necessary
5. Save some money
6. Attack your debt
There’s no way we’d be on our round the world trip right now if we hadn’t made saving money our priority. Now it’s time to take the survey; where do you stand with your money (all anonymous)?