Does Someone Else Own Your Future?

Recently, it was estimated that the average American household carries some $9,000 in credit card debt. At that mean, Joe American is allowing someone else to essentially own their future. Sound chilling? You may argue that no one owns YOUR future! Here’s the breakdown:

The average salary in the U.S. these days is $35,000. Given a 40-hour workweek, that’s $17 per hour. Remember that $9,000? At 18% interest, it takes about $135 a month just to carry the interest on that debt, to say nothing of the principle. That’s about eight hours of work (pre-tax, mind you) for Joe, your average American – for interest, which is nothing except cash in the credit card honchos’ pocket! Imagine working an entire day, for no compensation. Those eight hours belong to THEM!

Paying off your debt can be discouraging and disheartening, even if you don’t take such a bleak view of your financial situation. If nothing else, use these realities as extra motivation to really apply yourself to your debt situation. After all, do you really want someone else owning your time?  ■