Episode 788 - Stop Talking About Income Inequality - It's Personal Debt Stupid

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Feb 12 2020 23 mins  
Consumer debt is about $19 trillion dollars. The average personal debt is up to $38,000, credit card debt is 25% of all debt, 2 in 10 Americans spend 50% - 100% of their monthly income on debt repayment. Where the money going? 15% goes to dinning, 14% gotes to clothing and personal care, and 13% goes to personal passions or hobbies. The economy is good and people and spending more - badly. They are using their credit cards but not paying down their debt. Income inequality happens when people are not managing their finances wisely. You are not being good stewards of your money. So year, debt stops your savings, stops you from getting ahead, or to live on what you make. Debt creates more debt, it never makes you a millionaire. Focus on paying down your debt while the economy is good and strong. Use it to your advantage. If you have any questions, send me a text to 818.252.5682 www.lodge-co.comIf you are in San Francisco, support John Dennis who is running against Nancy Pelosi for Congress. It is time to remove Nancy from office. Go to his website at www.realjohndennis.com