Americans’ total credit card balance is $1.031 trillion in the second quarter of 2023, according to the latest consumer debt data from the Federal Reserve Bank of New York. This figure is double what it was in early 2000, roughly 23 years. As of December 2022, the national average balance outstanding was $7,279 and in Illinois …
Category Archives: Debt
4 Biblical Financial Principles
#1 – I am commanded to love God and to love others Matthew 22:36-40 – “Teacher, which is the greatest commandment in the Law?” Jesus replied: “‘Love the Lord your God with all your heart and with all your soul and with all your mind.’ This is the first and greatest commandment. And the second …
Credit Scores – all you need to know
What is a credit score? Your credit score is a 3-digit number that represents your creditworthiness. It helps others better understand how financially risky it may be to do business with you. While there can be different scores companies use, the scoring model most will use when available to them is the FICO Score originally …
Should You Save Or Pay Off Debt?
I was recently coaching someone who spent quite a bit of time excitedly talking about their savings and investment strategy. As we talked further, I came to understand that they have several pieces of debt, including car loans, student loans, and unpaid credit cards. Some of which they’ve had outstanding for many years. So, should …
3 Quick Tips to Pay Off Your Mortgage Early
Buying a home is probably the biggest purchase you will ever make in your life. It’s often described as the fulfillment of the American Dream. And, indeed what a wonderful thing it is…especially if you own your home with NO MORTGAGE hanging over your head! Two reasons that I hear some people give for not …
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How to Make 2021 Your Best Money Year Yet
After a year like 2020, I think we all can use a fresh take on things. Think small but strategic changes. If we do this every year all those small things will add up to big results. The beginning of the year is a great time to focus on what’s going on with your money. …
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4 Ways to Reduce Holiday Stress
Tis the season to be stressed out fa-la-la-la-la, la-la la la Ah, that wonderful Christmas carol we all know so well. Whether you’re a giddy Christmas elf or a scrooge who looks forward to it as much as your next proctology exam, the holidays too often leave us both financially and emotionally bankrupt. This year …
Help! How Do I Get Out of Debt?
Perhaps you stay awake at night feeling the weight of too much debt. Maybe you’re afraid to answer the phone because it might be a creditor calling. Or perhaps you simply don’t feel like you can ever get ahead because all your money is going to pay interest on your debt. Simply having a plan …
DEBT – How Much Can I Afford?
Maybe you’ve heard of the 28/36 rule. If so, FORGET IT! According to this rule, households should spend no more than 28% of their gross income on home-related expenses which includes mortgage payments, home-owners insurance, property taxes, and any related association fees. And households should spend no more than 36% on all debt, which in …
DEBT – The Good, the Bad, and the Ugly?
Ideally, we would all be debt free. No mortgage payment. No car payment. No student loans. No credit card companies charging us interest. If this describes you, then CONGRATULATIONS! I encourage you to stay debt free. But I know this doesn’t describe the majority of us. In fact, the average US household has almost $120,000 …