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057: The average American is creating wealth for others

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I believe we start our adult lives with the erroneous and dangerous belief that revolving debt—and the interest payments that go along with it—are normal and acceptable.   In This Episode, We Look At: The average American pays a significant amount of interest every month;  profiting a lender and not themselves. They do it for the privilege of having something now and paying for it later. The average interest paid in car loans is $895 per year ($74 per month) according to a recent Experian survey. The average interest paid on credit card debt is $855 per year ($71 per month) according to a report by TransUnion. The interest rate charged by the IRS for repaying taxes due is over 3% The average interest paid on student loans is $641 per year ($53 per month). It's worth pointing out that some households are way above average! With approximately $200 or more per month being paid out in interest payments, we ask you: Are you earning at least $200 per month on your savings/investments? Are you making some company profitable more than yourself?   One Thing You Can Do Today to Improve Your Faith and Finances: Commit to change your financial course if you have revolving debt. Stop paying interest to strangers (loan companies) and start paying yourself by eliminating consumer debt.   What Are Your Thoughts? If you have a question or comment about today's topic, we invite you to share your thoughts. Podcast on Facebook Tim Twitter Troy Twitter