Credit card debt

credit card debt

Having credit card debt is probably the easiest way to prevent you from retiring early.

It is the number one killer of retirement dreams...Really, please listen...

Retirement dream killer number two is also number one.

In fact if you have landed on this page and have credit card debt...your time will be wasted on this site.

I know that flies in the face of good website practice but it is true...I cannot help you retire or save money.

When you look at what you are charged on a monthly basis for having a credit card balance, from 11% to 20%... there is no way to save money. 

Why? If you do have an extra thousand dollars... if you stick it in the bank you might get 1% in interest... you are much better off taking the thousand dollars and paying down your credit card balance, and saving 11 to 20% in interest charged.

If you have a savings account and a credit card balance... you are truly foolish.

If you don't believe me, compare the number of advertisements for credit cards versus certificates of deposit

The banks " especially the ones deemed too big to fail" would much rather have you send them 11% to 20% every month.

Should you have credit cards? Yes

Having said that, you should have credit cards, if you pay off your balance every month You earn miles for vacations, and getting cash back based upon how much you spend,

You should pick one with no annual fee.

The one exception that we personally make, is a Southwest Airlines card..it costs $69 a year.

Why do we like this card? Stop and think how handy it would come in if you had to fly across the country for a funeral or a medical emergency.

Southwest has no blackout dates, does not charge for your first two pieces of luggage, and they do not charge you a change fee.

Why can they give you such a good deal?

The have their own website... You will not find them on, Expedia, Hotwire, Priceline etc.

By eliminating the middleman... including the owner of this website... they pass the savings on to you.

Credit card debt the statistics

Using this as a source the average American household owes $15,266 in credit card debt. 

As a nation we owe close to $1 trillion on credit card debt. 

Thanks for reading credit card debt

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