The average American family has burdened themselves with — depending on what source you believe — $7,500 to $16,000 in credit card debt alone. As of December 12th, the average credit card rate stands at over 14%. You don’t have to be a whiz at math to see this is not a good situation to be in and beyond credit card debt, according to the website Daily Finance, the average American owes his creditors $47,000 (or $94,000 per couple) overall. Debt per household has declined since 2008, BUT so has saving and net worth. People are using savings to pay off debt. Is this wise?
Debt is a slave master no matter how you look at it. It never works for you, only against you when it comes to having choices and being able to take advantage of opportunities that present themselves. Debt and freedom are longtime adversaries.
For the homesteader or prepper, the goal should be to free oneself of debt. But how? What about getting that rural retreat or affording a year’s worth of food? How does one acquire those big ticket items without debt? Is it even practical or possible to live without debt nowadays? Is some debt acceptable in some circumstances? Where does one begin to sort it all out? Well, as one of my favorite movie characters, Bob Wiley in “What About Bob?” learned, it’s all about baby steps, and being unconventional in thinking and approach. (And Lord knows, we preppers and homesteaders certainly have that skill!)
So, please join me Thursday, December 20 at 8 pm CST on the Homestead Honey Hour as I talk about the unmentionable — our money and how we might be masters of it instead of slaves. Let’s discuss strategies, budgets, spending (and saving!) patterns, and mindsets what will help us NOT keep up with the Jone’s credit line.
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