Americans have racked up a lot of debt because they don't know how to manage their money or practice financial discipline. Household debt had climbed by $2 trillion since December 2019 as of August 2022.
Source: Quarterly Report on Household Debt
In addition, the following balances increased from the first quarter of 2022 to the second quarter:
- Credit card balances: Up by $46 billion
- Auto loans: Up by $33 billion
- Consumer loans and store cards: Up by $25 billion
- Total non-housing: Up by $103 billion
- Mortgages: Up by $207 billion
The amount of debt Americans take on to finance purchases is expanding at an alarming rate, making personal financial management more important than ever, especially at a time when prices are going up and inflation is eroding purchasing power.
The secret to getting our finances in order is to use abilities we most likely already possess. It's also important to realize that the same ideas that help us succeed in business and our jobs also apply to how we manage our personal finances. Prioritizing our finances, weighing the costs and advantages, and controlling our spending are three crucial abilities.
One of the least frequently discussed subjects in educational systems is personal financial management. The majority of us will need to learn about personal money, either from our parents or on our own, because many college degrees involve some financial education, but it isn't focused on individuals.
Thankfully, learning how to handle money better won't cost us much money. Online and in library books, we can find all the information you need for free. In almost every media outlet, personal money advice is frequently given.
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