In order to rid yourself of your personal debt you must first face the reality of that debt. I track our family’s in Quicken and celebrate every step toward being able to shout “We’re debt free.”
A recent study from the Federal Reserve Bank of New York suggests that the consumers who hold credit cards and the lenders who issue them often have very different ideas about how much the cardholders owe. The average household believes they hold about $4,700 of credit card debt or 66 percent of the $7,134 lenders — the ones in a position to enforce — say households carry.
Front Porch Reflections 