If you spend much time reading the news you might get the impression that America is drowning in credit card debt. There’s been a lot of doom and gloom in the media about the level of America’s addiction to easy credit and its potential impact on the economy.

However, hard data suggests this hype is exaggerated. According to the 2004 Survey of Consumer Finance, only about 46% of America has any credit card debt. Of those who have cards, the median amount owed was $2,200. Curiously enough, the 04 survey showed that rich people (e.g. wealthy whites) had higher credit card balances. For the most part, this means that the average American can handle his/her level of debt.

So, when you read about the nation’s problems with credit cards, please remember that not everyone is in dire straits! It would seem that media portrayals of impeding economic meltdown are more likely to be hype rather than an accurate and sober analysis of Americas true credit situation.

Best,

James

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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