We took a survey of the national average for personal finances in America so that you can compare. You may feel better about yourself after this or you may have some motivation to improve. Knowing is half the battle so if you have the knowledge you can apply it. Get help from the professionals and work on getting your credit scores info increased over time.
Take the sum of your household credit card debt including any family members who live with you. The American household has over fifteen thousand dollars in credit card debt so look at your magic number and see if it is near there. How many credit cards are in your wallet right now? The average American has 3 and a half credit cards. Of those 3 cards, the most used one is their Visa card. Use this free credit score simulator to see what your score is. The most expensive costs for Americans is where they live and stuff like furniture and utilities.
Looking at other countries, Germany and Switzerland save about 13.5% of their income per year while Americans only save half of that. With the median household income level at 49k, american consumers are saving only about $3,000 a year. If you are dependent on credit to survive, know that if you have bad credit you can have your credit card application denial and it will be hard to get a credit card. You want a higher score than the average of 700 right now. Anything above 750 is considered really good. Also one last thing is your social security may not be enough for your retirement.
Think twice on how you want to be with your finances and work on it.
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