Freedom Financial Network And Responsible Credit Card Usage

It seems like everyone has a credit card and they’re all using them. Is cash going away? In this article, Freedom Financial Network shares some interesting usage behavior of responsible credit card users.

Credit Card Usage In America

The number of credit cards in use in America from the four major providers, which include VISA, MasterCard, American Express and Discover, are 636 million, according to wallethub.com. As of 2016, the US population was 323 million. Statistically, that’s nearly 2 credit cards for every US citizen.

How responsible are we today with our credit cards? In 2009, the percentage of American households carrying credit card debt from month to month was 44%. In 2014, that number dropped to 34%.

This shows that consumers aren’t letting their credit card debt accumulate with high interest every month.

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How to Budget for your Future

how to budget

Making a budget can be a time consuming and frustrating process; yet as we approach retirement, budgeting, and keeping to that budget is more important than ever. The 2013 Survey of Consumer Finances found that among all working households, the average savings for retirement was only about $2,500. The numbers do get a little better when looking only at households of those over 55, with the amount of savings averaging around $14,500. But that is still far less than the 80% of the income generated while in the workforce that specialists recommend retirees have set aside. The question for many people is what they can do to increase retirement savings and financially prepare for the future? Here are some tips to get you on track.

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Why Using a Credit Card is a Sensible Financial Decision

Article by: Melissa Taylor With more than 500 million credit cards in circulation in the United States, Americans are no strangers to our beloved plastic. Experts in personal finance spend a lot of effort trying to convince people why we should never lay a finger on a credit card. With nearly sixty percent of Americans carrying … Read more

What’s in Your Wallet? My Little Red Credit (Debt) Card!

Note: Below is an article/post submission adapted from the new book “Save Wisely, Spend Happily,” which offers the collective advice of 125 money professionals to give people the tools they need to make managing their money less intimidating.  See more at: http://www.360financialliteracy.org/Save-Wisely-Spend-Happily. This piece, by CPA Leonard Wright, offers several great tips on how to … Read more