Its been drained in my head that the average American can’t save. Even my friends from abroad have images of Americans consuming mass quanities of Chinese products, putting our earth on a dangerous trend toward pollution and global warming. What about when you’ve heard that average annual credit card debt is $8,000 in America? Are these average annual credit card facts really true?

The truth of the average annual credit card debt
1. 23.8% of American households have no credit cards at all.
2. Another 31.2% of the households surveyed paid off credit card bills in full.
3. 55% of households that owed nothing on credit cards .

Who’s in debt?
29% of households surveyed by the Fed, owed $1,000 or more on their cards. Still, 29% is a higher number than anyone would like to see. The problem is, the worst loan you could get is from your credit card company. Their very high interests rates can make it hard for anyone to pay back their debt.

Earn More and Spend Less
This year, rather than focus ClickforNick mostly on money making issues, I’m also going to focus on ways to cut back our costs. The bigger the gap is between our expenses and our income means of course money entering our bank accounts. The easiest way to start today is to create a budget. Find out where all your money goes. Then, cut out all unnecessary expenses. Do you really watch your premium Cable Tv or use all 1 million of those cell phone minutes?

Source: MoneyCentral.MSN.Com

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