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    Credit Card Debt
    Credit Card Debt
    Credit Card Debt
    Ebook64 pages52 minutes

    Credit Card Debt

    By Dermot Farrell

    ()

    Read preview

    About this ebook

    Have you ever seen a poor Casino owner?

    Probably not!

    Have you ever seen a poor banker?

    Probably not!

    The thing is that the house always wins. The financial institutes have rigged the system so they win while we work hard to pay off our debts!

    I hope if you read this book, that it will deter you from taking up debt in the first place and that you might even think about ways of bringing about debt reduction and a general life change, towards a safer and more long–term sustainable way of structuring your financial wellbeing!

    LanguageEnglish
    PublisherDermot Farrell
    Release dateAug 4, 2017
    ISBN9781386371830
    Credit Card Debt

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      Book preview

      Credit Card Debt - Dermot Farrell

      Foreword

      I actually wrote this book back in 2012 and so the stats are slightly dated, but only slightly dated. It’s difficult to get accurate details prior to around 2013, even now at this stage 2017, as it takes time for governments and organizations to assemble the financial details. The statistics in this book are accurate as of the year 2010 and any changes between 2010 and 2013 will see only minor changes in financial statistics. Furthermore while exact statistics will keep on changing over time, the general financial trend is towards a debt orientated culture and while the world is still recovering from the 2008 world economic crash and as such financial lenders are more restricted than they were before, never the less the trend is towards debt and the  major focus of this book is to help you to learn how to get out of debt and more importantly to remain debt free, for life!

      I wanted to put a lot of effort in this book to producing accurate statistics, as the statistics tell a story. The general trend dated back over a 50 year period, tells us that the financial system has become overly dependent upon a debt based society. The difficulties faced in rebuilding financial growth and stability, since the 2008 financial meltdown, stem I believe to the fact that the apparent economic growth of the 90’s and early 00’s, was largely based upon a financial debt bubble and that we need to move away from debt as a society, if we are to live a long and financially stable lifestyle.

      While this book was actually written in 2012, but is now only being published for the first time in 2017, doesn’t in anyway take away from the general debt trends and that we as individuals have to take charge and make some changes, as the financial institutions of the world gain both during booms and busts. During booms they get people to take out loans and during busts they repossess many items and sell them off thus making more money and gaining assets along the way!

      Have you ever seen a poor Casino owner?

      Probably not!

      Have you ever seen a poor banker?

      Probably not!

      The thing is that the house always wins. The financial institutes have rigged the system so they win while we work hard to pay off our debts!

      I hope if you read this book, that it will deter you from taking up debt in the first place and that you might even think about ways of bringing about debt reduction and a general life change, towards a safer and more long–term sustainable way of structuring your financial wellbeing!

      ––––––––

      Dermot Farrell

      ––––––––

      January 2017

      Chapter One  The Dark Side of the Moon

      Looking at the stats!

      Credit card debt has never been so high!

      In early 2012, according to the e US Census abstract, there were 160, 000,000 credit card holders in the USA (1), that represents nearly 70% (2) of the adult population of America!

      If we look even deeper into the figures, the picture becomes ever more intriguing. The average debt prediction for 2012, according to the Census Abstract, is $870,000,000,000. Now if we divide this by the figure of 160 million credit card debtors, the magical figure which it returns is an average debt per credit card holder in America of $5437.5!

      The projected spending on these cards for 2012 comes to $ 2378,000,000,000, which suggests an average expenditure this year, per credit card holder, of $14,862.50! And the number of credit cards in America comes to 1,167,000,000 or 7.29 credit cards per credit card holder!

      So we can conclude that 7 out of 10 Americans have credit cards; that on average they have 7 credit cards each; that they will spend approximately $14, 000 this year on their credit cards, and that they will retain approximately $5,000 in debt across all their credit cards at the end of the year!

      Now if the average American is retaining $5437 on their credit cards, in the form of debt, that’s a lot of interest, isn’t it? And how about how many Americans are having difficulty with paying back this money each month?

      According to Moody’s April 2012 report (3), while the credit card payment delinquency per month (that’s the percentage of people who fail to pay their credit card debt in any given

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