The consumer debt spiral is the biggest reason why modern Americans are so unhappy. As of May 2016, the average household had about $ 5,700 in credit card debt, but if you look only at balance-carrying households, the average spikes up to $ 16,000. That’s jaw-droppingly insane. Now throw in car loans (average $ 30,000 for new and $ 18,500 for used cars) along with student loans ($ 30,000 for recent undergraduates) and it’s clear that we have a debt problem. I’m not blaming the system here. Except under extreme circumstances, we only have ourselves to blame if we take on too much debt to handle….
Read the full article: 3 Reasons Why the Debt Snowball Beats the Debt Avalanche