VIP Financial Education's video: Household Debt is OUT OF CONTROL

► Household debt is getting out of hand. The rapid increase in household debt, particularly credit card balances, is indicative of the negative impact of inflation and high interest rates on many Americans. Unfortunately, blaming those two things isn’t going to solve the problem for those feeling its effects. It’s good to recognize what things are contributing to the overuse of credit cards and other forms of debt, which is why we always recommend folks start with getting their financial house in order. There are many tools out there to help you do this and we actually built one to steer those numbers toward the most meaningful figure in both personal and business finance, and that figure is your cash flow. Get your FREE Cash Flow Cruncher budgeting spreadsheet here: ► http://www.cashflowcruncher.com It's way more than just a budgeting spreadsheet! Manage your finances completely and easily with the Cash Flow Cruncher, our gift to you just for being a viewer of the channel! Get one-on-one coaching with Matthew Pillmore: ► http://www.FreeCoachingCalendar.com How To Pay Off Debt FAST: ► https://www.youtube.com/watch?v=G7-Ri09fNcI According to a recent report from the Federal Reserve Bank of New York, U.S. household debt increased by $394 billion in the fourth quarter of 2022 and the current household debt is now sitting $2.75 trillion higher compared to the pre-pandemic levels of 2019. This includes various liabilities such as mortgages, student loans, and credit cards. The latest data from the Federal Reserve Bank of New York shows that credit card debt saw a significant surge, increasing by $61 billion in the last quarter, which is the largest increase since the bank started keeping records in 1999. Moreover, credit card balances have surpassed pre-pandemic levels, with Americans owing an all-time high of $986 billion on credit cards at the end of 2022, exceeding the previous record of $927 billion, which was achieved in 2019. In the fourth quarter, mortgage balances rose by $254 billion, reaching $11.92 trillion. Additionally, for the entire year of 2022, mortgage balances increased by nearly $1 trillion. During the fourth quarter, auto loan debt saw an increase of $28 billion, while student loan debt grew by $21 billion, and balances on home equity lines of credit rose by $14 billion. Want more actionable financial tips and tricks like this one? Check out our YouTube channel here https://www.youtube.com/vipfinancialed Much like Robert Kiyosaki, VIP is all about utilizing leverage (via Debt Weapons) to increase cash flow through investing in all types of things, from real estate to small businesses. VIP differs in their approach to the follow-through, utilizing some of the things Dave Ramsey teaches - optimizing your cash flow by decreasing expenses - however VIP differs there too. We are all about maintaining the lifestyle design YOU want, all while optimizing your expenses through creative approaches. We're all about the best of both worlds. Make sure to check out our social channels for more insight and industry news! Facebook - https://www.facebook.com/VIPFinancialEducation/ Instagram - https://www.instagram.com/vipfinancialed/ LinkedIn - https://www.linkedin.com/in/vipfinancialed/ BBB A+ Rating - https://www.bbb.org/denver/business-reviews/financial-services/vip-enterprises-llc-in-westminster-co-90024254/ Disclaimer and Waiver — VIP Enterprises, LLC, its owners, officers, directors, employees, subsidiaries, service providers, content providers and agents (referred to as "VIP Financial Education") are not financial or investment advisers and not licensed to sell securities or investments. None of the information provided is intended as investment, tax, accounting or legal advice, as an offer or solicitation of an offer to buy or sell, or as an endorsement, of any company, security, fund, or other offerings. The information should not be relied upon for purposes of transacting securities or other investments. Your use of the information contained herein is at your own risk and results always vary. The content is provided 'as is' and without warranties, either expressed or implied. VIP Enterprises does not promise or guarantee any income or particular result from your use of the information contained herein. Under no circumstances will VIP Enterprises be liable for any loss or damage caused by your reliance on the information contained herein. It is your responsibility to evaluate any information, opinion, advice or other content contained. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, or other content. Furthermore, from time to time VIP Enterprises may earn an affiliate commission when a viewer purchases a product, program, or service as a result of our content.