The average American is 37 years old and makes $50,000 a year, but has no emergency savings at all.
Only 46% of Americans have a credit card balance, but of those who do the average balance on credit cards is $16,000.
The average student loan debt is $29,000.
70% of car purchases in the U.S. require a loan. The average loan value on a new car is $27,000 and on a used car the average is $18,000.
3/4 of Millennials (people ages 18-37) want to have the same cars, clothes, etc. as their peers, but 1/2 of them use a credit card to pay for basics like food and utilities.
1/4 of Millennials make late credit card payments and 1/2 are still getting help from their parents.
Many people believe that if you pay your bills by the end of the month, you're doing well financially.
These statistics are staggering, and debt is a term we are all too familiar with. It can cause extreme anxiety, frustration and discouragement. And if you feel alone, it can be a very daunting thing to face. Even though we are all aware of the toll debt can take on our lives, it is one of the most taboo topics of conversation in our society.
We think it's time to break the silence and start talking about our finances.
You are not alone in your financial journey. We hope to offer you support and bring wisdom into your lives. Through this course, we will help you discover what God says about managing your money.
It's never too early or too late to learn how to steward your money well.
It doesn't matter if you're in over your head or you're doing OK. It doesn't matter if you make $10,000 or $10,000,000. It doesn't matter whether you are 21 or 51. We all need a plan.
Financial Peace University will help you learn how to handle money God's way. And guess what? It'll work because God's ways work.
Learn more about Financial Peace University here and sign up today!
Statistics from The Motley Fool