Steven Bailey, LLC's Blog

What has been the easiest thing almost any person could get?
  The answer is Credit. 
Credit in the form of a credit card has put so many people in debt  that could last for years and years.  The average person in the US has a 9K credit card account balance.  Remember, that is the average, which means some have an even higher balance.  Paying 18 or 20 percent on the balance will just make the card companies happy and keep you paying three times what it was that you purchased in the first place. 

In my opinion, the one thing most of us probably need some help with credit on is a home.  But, purchasing  the BIG home instead of working your way up will only get keep you in debt to the banks forever.  Try going back to the days of the Starter Home and working your way up the ladder.  Then when you get a opportunity, pay off the home, cars and credit cards and start living debt free.  I have and it is a wonderful feeling not having to pay interest to investors, banks and mortgage companies. 

Start by doing by example, and teach your children from an early age about personal finances and the need to reduce credit.  If you want a new TV, save up for it first.  If you have any other advice on this subject, I would like to hear about it.