Average interest paid by Americans on credit card debt is

[Johnny2X2X]

64. I pay attention to this issue a lot these last several years

So many people struggling. I try to think of a common thread, I'm not sure what it is. Because I see people from all backgrounds struggling. I've seen financially astute parents pound these lessons into their children only to have their children run up credit cards anyway. And often times making more money is the only way out, but not always, I know couples making $200K a year with $150K in credit card debt that costs a fortune to service.

What I see most often is people charging car and home repairs because they don't have other options. Mother in law's septic system went bad, $15K to replace it, she charged it. She had a major flood and they didn't offer flood insurance, $12K to replace the furnace, hot water heater, water softener and electrical in her basement after.

Only 41% of Americans can afford a $1000 unplanned expense with savings. This about that, 3 in 5 would have to go into debt for any expense of $1000 or more. It's just incredibly hard to save for too many families because wages haven't kept up for 40+ years.