Financial Freedom: Life After Debt, was created by John M. Beckem II, Ph.D. to give people hope. There is an alternative lifestyle to being stressed, burdened, frustrated and in bondage to debt. Financial Freedom: Life After Debt, will equip you with the tools necessary to build generational wealth if you are committed to work hard, and determined to end your voluntary slavery to debt.

Dr. John M. Beckem II, is a Personal Finance Strategy Consultant, and a Professor of Finance at the State University of New York, Empire State College. You can follow his Tweets on Personal Finance @EscFinance, or contact him by email at BeckemFinancial@gmail.com

Tuesday, September 9, 2014

Episode: Credit Card Debt



According to the Federal Reserve Bank of New York August 2014 Quarterly Report on Household Debt and Credit, total credit card indebtedness was $880.5 Billion with $15,607 being the average household credit card indebtedness. If you want to increase your household cash flow by 15%-20% here's a hint...... cut up your credit cards, pay off the balance, and stop paying the 15%-24% of daily compounding interest!!!

If you must use plastic, i.e airplane ticket, rental car, online purchase etc., use your bank debit card that has a MasterCard or Visa logo. The amount of protection offered by debit cards versus the level of protection offered by credit cards is identical, as mandated by the law and in common practice. Both debit and credit cards offer zero percent liability, meaning that all consumers who find themselves victims of card fraud will end up in the same place–their money will be refunded.
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