New Year, New Debt?
How’s that a happy New Year! The results are in, and 2018 was a very difficult year for many. On the bright side, a new year is a new 12-months for you to accomplish a new set of goals with plenty of optimism. What’s your new year resolution?
The most popular resolutions for 2019 were pretty similar to what’s popular most years. At the top of the list, you can usually find “I want to get in shape” or “I want to eat healthier”. These new year resolutions are usually fueled by the previous months of celebrating ‘Thickmas’. The next set of new year resolutions typically revolve around personal finance (Yofii’s favorite), and we’ll focus on those!
[Thickmas – when you eat all of the holiday calories that won’t count in the New Year]
The top financial related resolutions for 2019 are:
- Save More Money
- Spend less money
- Get Control of debt
Now the facts!
Most Americans go over budget for the holidays (Check out our last blog post to see by just how much), many people are coming into the new year with more debt than they can afford or intend to pay off right away.
In short, debt is on a lot of people’s minds this month and year! We ended 2018 with a total of $3.9 Trillion dollars in consumer debt. While that’s a big number, a lot of that debt, $1.3 Trillion to be exact, came from credit card debt. If you’re not strong with math, that’s $3,900,000,000,000 in consumer debt and $1,300,000,000,000 in credit card debt. That’s longer than your phone number!
A recent study by CreditCards.com shows, the average credit card debt carried in the US is around $5,300, and around $7,500 for people who don’t pay their debt. While many people are thinking about fitness and health, let’s not forget, financial health has a major impact on your overall health!
In the past years, we’ve seen only 1 in 5 Americans make a new year’s resolution. Out of those people, only 1 in 10 actually keeps their resolutions past the second week in January! Yofii is here to help you even the odds.