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American owe Trillions in Credit Debt Why having Home Based business so Important Tags: credit card debt studenl loan debt

Hello JMCC community, This is a great article on why having a home based business is so important. This debt is not going to disappear, it has to get paid!! You must create as many income producing options you can!! 

Average US household owes $15,654 in credit card debt


Americans owe $905 in credit card debt.


Americans owe $905 in credit card debt.

As 2017 comes to a close, many Americans will set financial goals for the upcoming year.

Based on a recent survey, we’re guessing those goals will probably include paying down debt.

On Monday, NerdWallet released its Household Credit Card Debt Study, revealing that Americans owe an estimated $905 billion in credit card debt. That figure is up 8% from last year, and includes balances from cardholders who pay off their cards every month, as well as those who carry a balance from month to month.

Boiled down, the average household owes $15,654 in credit card debt.

This data is alarming, but not record-breaking. According to NerdWallet, Americans owe $8.74 trillion in mortgage debt, $1.21 trillion in auto loans, and $1.36 trillion in student loans.

Why so much debt?

It’s no secret that Americans love their plastic, but why has the amount of debt continued to rise?

For starters, more and more Americans are putting medical expenses on their credit cards.

In the survey, 17% of respondents said they’re in debt because they spent money on an emergency medical expense. But that’s just the tip of the iceberg. According to the Bureau of Labor Statistics, health care costs have increased 34% over the past decade, while income has only grown 20%. To keep up with bills, a whopping 27 million adults are putting medical expenses on a credit card.

A 2016 survey from the Kaiser Family Foundation echoed the same problem: 37% of respondents increased credit card debt to pay medical bills.

Spending has also climbed in other categories, including food (22%) and housing (20%).

The increase in debt can also be attributed to interest rates. In the survey, 41% of respondents admit to spending more than they should on unnecessary purchases. Spending more can lead to carrying a balance, which leads to more money spent paying interest. For instance, if you keep a balance of $6,081, with an interest rate of 14.87%, you’ll end up paying $904 in interest per year.

What you can do

First and foremost, Americans need to get honest about their spending. If you’re charging purchases that you cannot afford to pay off right away, or if you are living above your means, it’s time to rein it in. Only then can you start to address your growing debt.

In a perfect world, you would pay off your credit card balance in full every month. Still — sadly — only 1 in 5 (about 18%) of Americans actually do this. In reality, about one-quarter of cardholders say they pay whatever they can afford at the end of the month, and 23% say they only pay the minimum amount due.

If you can’t pay off your full balance every month, that’s OK. Focus on keeping interest payments as low as possible.

“To reduce the amount of interest you’re paying, consider making payments more frequently than once a month to keep your average daily balance down,” said Kimberly Palmer, NerdWallet’s credit card expert.

Palmer also suggests consolidating your debt onto a card with 0% introductory APR. This way, you can work on paying down debt during the interest-free 12- to 18-month introductory period.

The online survey was conducted by Harris Poll, and surveyed 2,089 adults ages 18 and older. NerdWallet also used data from the US Census Bureau and the Federal Reserve Bank of New York.

Brittany Jones-Cooper is a reporter at Yahoo Finance. 


Get preenrolled in Now Life Styles Now see why its a good move Tags: now lifestyle joel therien preenroll nls

Hello community, 


It is extremely hard starting a business simply because the reward in pay at the beginning is about 10 cents an hour! (or less)


Every single self made millionaire works their butt off day in and day out


All of them started with little to no pay, and some even went millions in the hole..


What is really nice about an online business is you can put in "sweat equity" but I can guarantee you that you will never go bankrupt starting a business with us!!

[+] Starting a restaurant is $400 000

[+] Starting a grass cutting business is $500

[+] Starting a lemonade stand is $30.00

[+] Starting an international Health & Wellness, Marketing and software business with us is less then the cost of a lemonade 

So look, if you are willing to work like President Trump, Buffett, Gates or Jobs then I can guarantee you you WILL see the time freedom I discuss below!!

One of the benefits of starting a business online is the time freedom that you create for yourself and your family. I was a bit silent this past few weeks as I took the liberty in watching my son at his wrestling tournament... 

No boss to ask.. no "Can I go" you just go!! Believe me I do not take that lightly as time freedom is an amazing thing to have.

Yes while at my sons tournament for 1 day we made a whopping extra 
$ 4345.44 in sales 

This is not to brag.. this is to tell you at first it is not easy... but it is sooooooo worth it!!

I think where people go wrong is time freedom doesn't mean you still don't work your butt off. In fact as an entrepreneur you often work harder.. Why? Because you love it and the harder you work, the more proportional is your income :-)

You can do this!! I know you can but it takes the most commitment at the start with the smallest reward in pay.

It is like rolling a snowball up hill, as you roll it gets bigger and heavier and harder. But once you get to the top and push it down the other side you simply can not stop the momentum!!!

So when the momentum comes the work gets FUN!!

So look... this week we got in 500 or so PRE ENROLLED entrepreneurs. 500 is a lot but not in comparison to what will come!

It is not too late!! 

[Pre Enroll today  absolutely Risk Free with the most amazing ground floor opportunity ever]

It is completely FREE to try, so your in action  is skepticism.

Don't be a skeptic why? 


Because it comes with a no questions asked 30 day guarantee

You can do this:

[+] We all know someone trying to lose weight
[+] Our sales system does the sales for you
[+]We have a true "Completely Done For You" marketing system


[+] Even if you might be having trouble our company is different we meet with you LIVE twice a week to mentor and guide you to your success

Our whole team is truly here to guide you, mentor you and coach you so that you can achieve the lifestyle that you not only dream about but deserve!


--Joel Therien
Founder and CEO
NowLifestyle .com

Who Invented FICO and how it changed your financial life!
Category: GENERAL
Tags: credit scoring fico fico scoring william fair earl issac vantage scoring credit report bureaus

Credit Scoring History


Credit scoring first started in the late 1950’s to support lending decisions in large department stores. The concept was revolutionary and by the end of the 1970s, most of the nation’s largest commercial banks, finance companies, and credit card issuers used credit-scoring.  However, credit scoring was widely adopted when Fannie Mae and Freddie Mac fully endorsed the use of the FICO score for home mortgage lending.


Credit scoring is now an automated process. but it hasn’t always been that way. Before the advent of computers, a person’s credit score was manually calculated by a bookkeeper. Such judgmental decision making is time consuming, costly, and subject to irregularity because different bookkeepers may weigh factors differently.


In 1956, two bright chaps named William Fair and Earl Isaac, identified this problem and started the Fair Isaac Corporation (FICO). Their mission was to use computers and mathematics to generate credit scores from credit report data. The mathematics was to look at historic data (consumers’ past payments) and predict future behavior in the form of a number. The FICO score was launched. Fair Isaac is now a large corporation traded on the New York Stock Exchange (NYSE: FI).


From the 1950’s through the 1990’s (some fifty years), consumers could not even have access to their credit scores. Luckily the free thinkers of California changed that for everyone. In 2001, the State of California ruled that residents were allowed to know everything the credit bureaus were reporting, including their credit score. Fair Isaac and the Credit Bureaus decided they might as well make the data public to all consumers in the U.S, instead of trying to block it from everyone but Californians.


At first, FICO was hesitant, but soon they realized they would be floating in money by selling credit scores. They immediately launched MyFico.com, and hired the opinionated Suze Orman as their spokesperson to spread the word.


In 2001, the credit bureaus wanted a piece of credit scoring pie, so FICO decided to sell each credit bureau their own version of the FICO model. That’s right…customized FICOs!  Each credit reporting agency had its own FICO:


Interesting Image


This was fine and dandy, but the credit bureaus did not like paying money to FICO, so they started planning their own credit scoring model. The new product was announced by the three bureaus on March 14, 2006.


In an effort to cut out FICO, the three credit bureaus teamed up with each other to create their own product, Vantage Score. It is essentially a way for the three bureaus to eliminate the current dominant player in credit scores (Fair Isaac with their "FICO Score"). Fair Isaac, the original creator of the FICO Score, was not involved with the creation of Vantage Score's new formula



Best Regards,

Savannah Meksto
Training & HR Coordinator 

Direct: 727-386-6991
Email: savannah@disputesuite.com


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