Research by the Federal Reserve Bank found that American household debt is at a record high compared to their disposable income. The average household with only one credit card has greater than $8,000.00, if not more, in credit card debt.

This information is intended for those of you who have a debt burden that may seem difficult to manage. A money plan will allow you to track where your money goes. Without a money plan, you run the risk of becoming late on monthly debt payments, or worse, falling behind to the point you cannot catch up. This leads to negative information in your Credit Reports and Credit Scores, making credit even more expensive.

It is our sincere hope that this information assists you in your effort to understand and manage your finances. Reshaping your concept of money and making a plan to get out of debt, stay debt free, and start to save for your future, will free you of the stress a lifetime of debt brings with it, and allows you to enjoy a higher quality of life.

It is a mistake to show up for work with the thought that you work for someone else. You may be receiving a pay check from your employer, but in reality, you are working for yourself. When you give your money away, in a sense, you are working for those you give your money to. While working, you have the opportunity to standout, to excel at whatever you do.

For our purposes, consider that you work for yourself because you receive money for your work, and from now on, as you will see, you can stop giving part of your income away. You need to learn to be a consumer that is in charge of your money.

As long as you have a low Credit Score and charge excessive debts to your credit cards, the banks and credit card lenders will be in charge of much of your future income.

You need to re-read this information often. Daily then weekly at first, then monthly or whenever you pay your bills. Follow these recommendations and stay with them. Teach this information to your responsible children and show them by your example.

First we should review how the system works. We will take a brief look at money, credit, and debt. Additionally, you need to know how interest, finance charges, and points are used by banks and other lenders to remove even more of your money from your wallet.

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