The article "Should we feel sorry for these people?" is a great post based on an article about one of those situations that some may be in; the old 'Robbing Peter to Pay Paul' conundrum.
The Moellerings are 39 & 40, make about $66,000 combined.
Together they have a total of:
$22,000 in Credit Card debt (-)
$93,000 in mortgage debt (-)
$68,000 in Home equity line debt (-)
$5,000 in savings (+)
...it doesn't say what their homes current value is but assuming that it's at $100,000 (as they just got married a few years ago) they might have a Net worth around (-$78,000) ouch. The article also touches on the differences in American credit/financial health 20 years ago as opposed to today. It's not pretty.
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The problem of many people is that before applying for a credit card they are attracted by rewards so much that they don't think about monthly payments. Consequently they find themselves in debt.
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