Bad news today on credit card debt: Americans are carrying more of it than ever, and delinquencies over 90 days are also increasing. Even scarier is the advice being given to people, but we'll get to that in a minute. The report said that 10.7% of people now have debt that is 90 days overdue, up from 8.2% a year ago. Most of the people struggling are 35 and under.

All people who are 35 and under have to struggle early in their working years, but that's not the problem. It's financial discipline that's the problem. The National Foundation of Credit Counseling advises getting ahold of one of their credit counselors who can give you guidance. None of that guidance includes cutting up your cards. People need to go to a cash-only way of living until they get out from underwater.

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There are only two solutions. Number one: don't spend more than you make. Or number two: if you need more, go earn more. It's pretty simple. There are 168 hours in a week; what are you doing with them? The average worker in the U.S. is now working an average 34-hour work week. What are you doing with the other 134 hours? It's obvious: you're spending money you don't have.

Keep in mind that the average credit card rate is now 24.71%, and if you're making minimum payments, you're digging yourself a huge hole you will never get out of, so throw away the shovel. Go earn it; don't borrow it. It will pay off in the long run.

See you tomorrow at 5.

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