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Questions and Answers
What is the biggest obstacle to achieving financial freedom?
What is the biggest obstacle to achieving financial freedom?
- Saving money in a bank account
- Credit card and consumer debt (correct)
- Buying a house
- Investing in stocks
True or false:Overspending is a bigger problem than under earning.
True or false:Overspending is a bigger problem than under earning.
True (A)
What is a bigger problem than under earning?
What is a bigger problem than under earning?
- Not having a budget
- Overspending (correct)
- Not having a college degree
- Not having a high paying job
True or false: The average American has 5 to 6 credit cards with an average balance of $10,000 in credit card debt.
True or false: The average American has 5 to 6 credit cards with an average balance of $10,000 in credit card debt.
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What percentage of cardholders only make minimum monthly payments?
What percentage of cardholders only make minimum monthly payments?
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True or false: Paying only the minimum payment on credit cards can help people get out of debt.
True or false: Paying only the minimum payment on credit cards can help people get out of debt.
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Study Notes
- Credit card and consumer debt are the biggest obstacles to achieving financial freedom.
- Overspending is a bigger problem than under earning.
- Credit cards can tempt people to overspend and keep them in financial stress.
- Being credit card debt-free is a step towards achieving financial freedom.
- The average American has 2 to 3 credit cards with an average balance of $6,000 in credit card debt.
- 70% of cardholders only make minimum monthly payments.
- Paying only the minimum payment keeps people in financial entrapment.
- It's important to create a plan to pay off each credit card with an organized system.
- Use credit cards responsibly and pay them off at the end of each month to avoid interest payments.
- Jules will show how to start attacking debt and pay off car loans in the next module.
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