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56% of Americans Don't Have a Personal Budget

It's April, which means Financial Literacy Month is here once again! And as usual, the National Foundation for Credit Counseling (NFCC) recently released the much-anticipated results of its 2012 Consumer Financial Literacy Survey.

One of the most shocking statistics the NFCC continues to report is that over half of Americans (56%) admit they have absolutely no budget. In fact, 22% said "they don't have a good idea of how much they spend on housing, food, and entertainment."

This is quite scary since responsible use of credit cards is all about only spending what you can afford to pay off each and every month. If you have no idea what you're spending, you can quickly find yourself carrying unwanted credit card debt.

Take our advice and build a simple budget. Don't be one of the 56%. Your budget will serve as the cornerstone of your personal financial life and will help you make wise decisions regarding spending and credit card use.

on Wed, 2012-04-18 17:00