Did you know that Attorney Gary Quackenbush of GQ Law is also a financial guru? Most recently he was featured on San Diego’s NBC 7 news with Consumer Bob Hansen in a segment about credit card debt.
Credit cards can be both a blessing and a curse. For some people and at some times in life they are a blessing, allowing you to buy things you need when cash is tight. They can be an even more beneficial financial blessing when you simply buy things you can already afford on credit, pay off the card and earn those lovely credit card points that can be traded in for goods, sky miles on various airlines or even cash. The curse comes when credit card spending gets away from us, interest adds up and balances due shoot through the roof. The average US household carry a credit card debt of $4410.
A recent creditcards.com story compares the debt burdens of people living in the top 25 cities in the US. They took the average credit card debt owed then considered that monthly payments would be 15 percent of the median household income for that city. They then compared the number of months it would take the average person in each city to pay off the average debt owed by its citizens. The people in the San Francisco metro area came in at the top with it taking them just 9 months to pay off their average credit card debt. San Diego came in the middle with the average consumer needing 13 months to pay off their debts. Rounding out the bottom of the ranks was San Antonio, Texas where the average person would need 16 months to pay off their average credit card debt. For more details and to get the full story follow this link to creditcards.com
To see what Consumer Bob found out about credit card debt in San Diego follow this link. You’ll also see our very own attorney Gary’s input about how to know when you’ve gone too far with your debt.