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Mind on My Money:  Black Personal Finance 101

addicted to debt

Picture
As a nation, America's relationship with debt is complex, and often frustrating for the average consumer.  According to data from the Federal Reserve (April 2014), Americans were carrying approximately $854.2 billion in revolving charges.

The average household carries $7,087 in credit card debt.  If the households that don't carry monthly balances on their cards are factored out, that number translates into an average $15,191 of unsecured debt.

Americans carry  another $891 billion in auto loans and other revolving debt.  Then there is the approximate $8.15 trillion in mortgage debt that consumers are carrying, as well as the $1.26 Trillion of student loan debt carried by college graduates .

On a national level, the debt trend continues.  The federal government is currently on the hook for $17.6 Trillion (that "T" is correct) in Treasury debt.  And with the total value of the U.S. economy at $17 trillion, our government is virtually running on paper.

All the preceding information was provided to illustrate the simple, undeniable truth:  America is addicted to debt.

And this addiction comes at a cost that may prove to be too expensive.  At a time when real wages, adjusted for inflation, are falling, the value of the dollar is decreasing, inflation is rising and the cost of everyday life skyrocketing, the real cost of debt isn't only to be measured in the dollar value of the bills paid today, but also in the loss of tomorrow's dollars mortgaged off on today's debts.

All the preceding information was provided to illustrate the simple, undeniable truth:  America is addicted to debt.

And this addiction comes at a cost that may prove to be too expensive.  At a time when real wages, adjusted for inflation, are falling, the value of the dollar is decreasing, inflation is rising and the cost of everyday life skyrocketing, the real cost of debt isn't only to be measured in the dollar value of the bills paid today, but also in the loss of tomorrow's dollars mortgaged off on today's debts.

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  • Home
    • About Us: The BlackPrint Statement of Purpose
    • Today in Blackness >
      • May in Blackness
      • Quote of the Day >
        • Quote of the Day March
        • Quote of the Day February
        • Quote of the Day January
        • Quote of the Day December
        • Quote of the Day November
        • Quote of the Day October
        • Quote of the Day September
        • Quote of the Day August
        • Quote of the Day July
        • Quote of the Day June
        • Quote of the Day May
  • Learn To Fish
    • The Case For Black Entreprenuership
    • How to File For A Tax ID Number
    • Getting Organized For Business >
      • Getting Organized For Business 2
    • The Case Against the 40 Hour Workweek
  • Shoulders of Giants
    • Giant: Patrice Lumumba
    • Giant: Nat Turner
    • The Donkey's Sin - Ethiopian Parable
    • Giant: Haile Selassie
    • Giant: Madame CJ Walker
    • Giant: Hannibal Barca
    • Giant: George Washingon Carver
    • Giant: Sojourner Truth
    • Giant: Toussaint L'Ouverture
    • Giant: Harriet Tubman
    • Giant: Huey Newton
    • Giant: Marcus Garvey
  • Mind On My Money
    • 6 Terms to Master Financial Literacy
    • Black Wealth By The Numbers
    • Blackonomics 102: State of The Black Owned Businesses
    • Blackonomics 101: State of the Black Economy
    • 25 Resources For Getting Your Business Off the Ground
    • Black Investing 101: Invest In Stocks For Your Kids
    • How to Introduce Your Child to Money - Infographic
    • Black Investing 101: Invest In Companies You Support
    • Black Personal Finance 101
    • Getting on Track
    • Managing Debt >
      • Addicted To Debt
      • THEY Don't Want You to Know
      • Dirty Little Secrets
      • Your Rights As a Consumer
    • Understanding Credit >
      • Why Credit Matters
      • About Your Credit Score
      • Optimize Your Credit Score
      • By the Numbers
  • Unruly Intellectual Blog