Recent findings underscore a concerning trend in the financial well-being of Americans, with the average worker earning $62,000 annually but burdened by $105,056 in total consumer debt. Credit card debt alone averages $8,674 per cardholder, highlighting a pervasive issue that Debt.com's Debt Awareness Week seeks to address. From February 17-23, this initiative aims to enlighten consumers about their debt burdens and offer practical tools for financial management.
A standout feature of the campaign is the Debt-Free Day Calculator, designed to help individuals grasp the timeline required to eliminate their debt. For the average American, achieving a debt-free status would theoretically consume 20 months of their entire income, a stark revelation that assumes no living expenses. Howard Dvorkin, CPA and chairman of Debt.com, points out the normalization of debt in society, stating, "When everyone is in debt, no one feels like it's a problem. Debt becomes a way of life." The calculator serves to demystify debt, presenting it in a more concrete and manageable form.
Don Silvestri, President of Debt.com, highlights the calculator's role in altering perceptions: "Once you realize that you're working most of the year just to pay down debt, it really starts to sink in." By translating total debt into days of work, the tool offers a vivid illustration of personal financial struggles, encouraging a proactive approach to debt management.
Debt Awareness Week also promotes access to free resources on debt management, credit counseling, and budgeting. Through these educational efforts, Debt.com aspires to empower Americans to shorten their journey to financial freedom and regain control over their economic futures.
