One of the biggest, if not the biggest, obstacles to reaching your financial freedom goals is Debt. It is so easy to rack up debt, from Birthdays and Anniversaries, to holiday gift giving and everyday spending, the opportunity to build debt is everywhere. The fact that we have essentially become a cashless society has just exacerbated this issue. With the average credit card debt in America standing at around $7,000, as of 2025, most people see debt as just a way of life. Unfortunately, most people do not understand what the debt is really costing them.
It is estimated that almost 50% of credit card users carry a balance on their credit cards with 11% of people only making the minimum credit card payments each month. What's worst is that most of these individuals do not think about or even understand what that credit card debt is actually costing them. The same thing is true when people go out and buy new cars or other large purchase. While most understand a smaller interest rate means less interest payments, they don't actually understand what the dollar cost is. For things like vehicles, the debt isn't just about the interest payments either, its everything else that goes along with owning a car such as maintenance, insurance, gas, or even depreciation. Once you add all of this up, the debt you are accumulating can end up costing you thousands, possibly tens of thousands, of dollars. Understanding the true cost of debt will help you make better financial decisions and help you build a solid financial foundation.
Are you burdened with debt and don't know what to do about it? Are you interested in learning more about calculating the true cost of debt or finding out debt management techniques to help deal with your debt? If so, visit our website (www.wpconsultingsg.com) and drop us a message; we are here to help. There are many techniques that can be used to gain control of your finances and start paying down your debt today. Understanding how to properly manage and use debt is key to your financial wellbeing and a critical skill to learn to help you on your journey towards financial freedom.
Wolfpack is here to help you on your journey towards financial freedom. Our goal is to help individuals gain the financial literacy they need to create a solid financial foundation by giving the tips, techniques and skills you need to begin, or continue, your journey towards financial freedom. The strength of the wolf is the pack and we want you to become part of our pack. If you're interested in connecting with like-minded entrepreneurs, property investors, network marketers, or if you're simply seeking networking opportunities and wish to learn more about achieving financial freedom in a relaxed environment, we invite you to visit and join our Facebook groups at https://www.facebook.com/groups/IntlPropertyInvestorsSG.
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