In September of this year, Equifax, one of the “big three” credit reporting bureaus in the US, announced their servers had been subject to a massive security breach, compromising the personal data of roughly 145.5 million Americans – that’s nearly half the population of the United States.
Credit card debt is a widespread problem in the US: an estimated 29 million Americans have carried a credit card balance for more than two years, while 1 in 4 do not regularly pay off their balances each month. In total, Americans owe nearly $784 billion to credit card companies, while individual households owe an average of $17,000.
Creating habits allows our brains to devote less energy or pay less attention to routine behavior so we can devote that energy to more complicated tasks or learning new information. In other words, forming the right habits makes life a lot easier and allows us to grow.
If you’re in debt, the simple reality is that you have to cut back or you’ll live forever under the thumb of your creditors. Working your way toward financial freedom is a painful process; however, the journey is rewarding.
