Credit Card Bill Of The Common Man
If you knew that the average credit card bill for Americans amounts to $8,329, you could not be blamed for thinking
the economy will collapse this week.
It’s not really that alarming but the knowledge should be enough to make all U.S. citizens start to balance their
budgets. A balanced budget free of large debts is key to financial independence and peace of mind.
In the middle of the year 2008 credit-card debt in the United States was at $962 billion, directly related to the
$8,000 plus average credit card bill. That number could easily be over $1 billion by July 2009. Statistics tells us
that more than 40% of all American families spend more than their earnings. This is one of the major reasons why
the number of people who filed for bankruptcy has risen by 50% in the last 10 years.
It could be tedious, but you will be doing something for your own benefit. If you settle all your bills, you will
be living a life of financial independence. The average credit card bill is a matter not to be
trifled with. It might not seem that urgent at the start when you look at your monthly bill and know you can pay it
off. But if you don’t pay it promptly and leave it off for next month, that’s when your problems start. A little
debt left unpaid could turn into several little debts mounting up into a large one.
They don’t really teach you how to balance a budget in school. You are taught to spend wisely and save, but there
is no Budget 101 worth 3 units in college. Balancing your budget, which incorporates taking care of your average
credit card bill, requires some patience and commitment. No one will grade your efforts (unless you consider your
credit-card score as a grading system) but the outcome will be something worth your while.
You will need some basic tools to balance your budget and put your financial accounts in order. Organization is
key. For this, you will have to get yourself an accordion folder that has about 10 slots in it. A filing cabinet
would be great too. With some pencils and pens, you will be ready to label your accordion folder or filing
What you will be putting down on paper will be all your expenses going back at least two months. This will involve
credit-card payments, food, gas and water bills, and everything else you paid for in cash or credit. Adding all
your expenses and deducting that from your earning from the same period will give you your balance. The point is
never to spend more than your income.
If you basically pay for almost everything with your credit card, it will be easier to see where everything is
going. Your average credit card bill should be in the middle of your budgeting efforts. If you don’t
violate the basic rule of spending within your means, not only will budgeting be easy, you can sleep at night
knowing you don’t owe anyone any money.
Source: Credit Cards For People With Bad Credit Rating
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