You’re Thinking About Your Credit Card Debt the Wrong Way
There’s a good chance you’re in credit card debt.
According to Bankrate, 49% of American credit cardholders are. Collectively we owe a whopping $1 trillion in outstanding credit card debt. With the cost of living rising and wages flatlining, that number is only likely to increase.
Traditional personal finance advice usually faults the individual for indebtedness. It’s attributed to overspending or spending more than you make. While this is technically true, this argument misses the forest for the trees. There’s been a large economic shift underway for decades now that has pushed millions of Americans into debt without even realizing it.
Employment is no longer a given and hasn’t been for a while now. Our grandparents could knock on the door of a local employer and ask for a job. With a strong character and good work ethic, they could get a job that would pay enough to buy a house in the suburbs and raise a family.
Those days are long gone. Factory jobs are a thing of the past and while abundant, minimum wage service jobs are insufficient. Higher education has been marketed to teenagers across the country as the solution to the dearth of good-paying jobs. A college degree is now the surest path to job security. Without batting an eye, young people accepted this truth at…
