GARY NORTH'S TIP OF THE WEEK
The Wallet Hub site has conducted a post-Christmas survey.
About 98 million people said they overspent. My view: they are slow
learners. It happens every year.
A quarter of the people surveyed said it was worth going into debt for holiday
spending. These people are non-learners.
About 30% said they are worse off than in 2016, an election year, we are
reminded. I ask: What has this to do with Christmas? In any case, this means
that 70% think they are better off.
Almost two-thirds are more concerned about not saving enough money than
being in debt. This tells me they do not understand debt. Their debts are high
interest. Their non-savings would pay little interest. These people
should pay off their credit cards and all other consumer debt. Then they
should start saving.
Half say they will have less credit card debt by the end of 2020. This sounds
good, but it isn't. Why do they have any credit card debt at all at the end of the
month? Because they lack self-discipline. The serious people will set a
goal of zero credit card debt at the end of 2020. Then they will adopt a plan to
achieve this.
I have a website on this: www.DeliveranceFromDebt.com. It's free.
The survey results are here:
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