Americans' Credit Scores are CRASHING

📞 Ready to buy your first fully done for you rental property? Book a free call with us: https://morrisinvest.com

❓Ask me a 30-second question at https://morrisinvest.com/clayton

📺 Watch Next: How to Create Your Personalized Path to Financial Freedom: https://bit.ly/392kAsB

🏠 What's Your Freedom Number? Download our free PDF to help you determine how many rental properties you would need to achieve financial freedom: https://morrisinvest.com/freedom

💵 Ready to get your finances in order? Download the FREE 90-Day Financial Empowerment Bootcamp: https://morrisinvest.com/bootcamp

🎓 Want to learn more about creating your individualized plan to wealth with a proven system? Join us in Financial Freedom Academy: https://financialfreedomacademy.com

👨🏻‍💻 Sign Up for My Webinar: https://morrisinvest.com/webinar
-----------------
Your credit score can influence your ability to qualify for a mortgage, a car loan, a place to rent, and it can even dictate the rate you pay for insurance. So while your credit score isn’t the most important thing in the world, but that doesn’t mean you should disregard it entirely.

There is a huge lack of education that is undermining what’s happening with credit scores. Americans are generally uneducated about credit cards and credit scores, unfortunately. And the entire credit card system is working exactly as planned.

Credit card companies prey on young and low-income demographics. I mean, go to any college campus during their welcome week, and you’ll be sure to find tables with bankers just waiting to sink their hooks into the next new student – who, of course, has little to no financial education.

Most Americans don’t understand how a credit card actually works, let alone an APR. They don’t understand how minimum payments and interest rates work together to keep you locked into the credit card game. A 2023 survey by Clever found that 28% of card users don’t even know what their credit card’s interest rate is… This is troubling.

And if the credit card companies they can get you as a customer early on, like my college campus example, the deeper in the hole they hope you’ll get. These companies are betting that you’ll only make the minimum payment, while they collect exorbitant amounts of interest, month-after-month, year-after-year.

The average credit card APR, or annual percentage rate, is hovering around 21%. Certain store credit cards have even been charging record interest rates of 33%. Sure, credit cards need to make money, but 33% is just predatory, and you won’t be able to convince me otherwise.

Now listen, credit cards are not inherently evil. I’m not saying you should cut up your credit cards and never use them again. Credit cards are a financial tool, and if you know how to use them wisely, then you’re good to go! But sadly, most Americans do not – and that’s exactly what we’re seeing in the data.

And again, the credit score isn’t the end-all, be-all when it comes to your finances. Generally speaking, I’m not a big fan of the credit score as a whole. I’ve seen it disempower a lot of people. They’ve got this one number in their mind that’s ruining their lives and stopping them from pursuing their goals… The credit score leaves people feeling powerless over their finances.

But if you’re in a tight spot, missing payments, and being consumed by these predatory high interest rates, I know that’s a tough place to be in… I’ve been there too. It can take years to dig yourself out of that hole… and the mental drain can really get you down.

If you’re struggling with credit card debt and a low credit score, you’ve got to take the time to get financially educated on these topics. Most Americans have very little understanding of what components make up their credit score, or how credit card interest rates work. I have other videos on how to improve your credit score, and how to get out of credit card debt, so be sure to find the links to those videos in the description box below if you need help in that area.
-----------------
DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.

AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion. We recommend them because they are helpful and useful, not because of the small commissions we make if you decide to use their services. Please do not spend any money on these products unless you feel you need them or that they will help you achieve your goals.