This is CRUSHING Americans' wallets right now | Morris Invest

📞 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
-----------------
According to data from the Federal Reserve Bank of New York, Americans’ total credit card balances increased by $50 billion in the fourth quarter of 2023, reaching a shocking new all-time high of $1.129 trillion.
At the end of 2023, the average credit card balance being carried by Americans was almost $8000. Cardholders say they are putting about $363 toward their balances every month, which has gone down from $430 in 2022.
If you’ve ever looked at a credit card statement, you’ll know that making the minimum payment doesn’t get you very far. And if you’ve ever tried to get out of credit card debt, you know that paying less money every month isn’t the way to go. You really have to be aggressive with your payments to make progress.
It can take years, or even decades, to get out of credit card debt if you’re only making the minimum payment. This is because most of your payment is going toward interest. Only making the minimum payment allows charges to accrue, making it exponentially harder to get out of debt. It’s really a trap and clearly – a lot of Americans have fallen into it.
We’re also seeing record rates of delinquencies on credit cards. The same data from the New York Fed found that credit card delinquencies surged more than 50% in 2023.
-----------------
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.