A recent survey found most people have no strategy

To manage their debt and some struggle to make monthly payments. Many of these folks plan to go deeper into debt for big-ticket purchases.

We’re never taught how to manage our money in school. Even worse, our parents are no help and we tend to follow their lead of not knowing any better. One thing you rarely hear me go off about is budgeting. I’m not a budgeter and if you follow my strategies for getting out of debt you don’t have to worry about budgeting.

Typical U.S. households carry $9,200 in credit card debt.

Lending Tree did a survey and found:

80% of respondents said they don’t plan to seek professional help to manage their finances or debt
30% said they’ll develop a plan on their own
13% said they have no intention of developing any kind of financial plan
33% of those concerned about their debt have a debt-to-income ratio of 50% or above, about 10% higher than the national average. Nearly 25% have a debt-to-income ratio exceeding 50%. Many financial planners say a debt-to-income ratio of about 33% is manageable.
19% of respondents concerned about debt said they plan to purchase a car in 2005 and 21% plan to make home improvements valued at more than $3,000
76% have outstanding balances on their credit cards or have personal loans, and 37% of those make only the minimum monthly payment.
Despite growing debt and lack of a budget, 40% of the respondents said they’re knowledgeable about personal finance

First and foremost. Your debt to income should bet a big fat ZERO! No debt is good debt. This survey shows how folks are struggling get by. The reason these folks are struggling to get by is because they have debt.

Let this be your wake-up call to get rid of the 80% percent attitude of living in debt and bondage. Instead, put yourself into the 20% crowd that doesn’t live beyond its means but below their means.

Get your strategy together through this blog and my kit, From Debt to Cash.

David…