Page 48 - Charles Calhoun Book Rich As You Want To Be

wealth for your future. There is about

$1.1 trillion in car loan debt. If 40 million

people owe that the average debt is about
$ 27,500 each. The total owed has

increased 38% over the past five years as

cars have become more expensive to buy.
In today’s newspaper it was pointed out

that the average car payment is $503 per

month for 68 months. That cannot be fun.
3. College loans are used to help pay for

college. And we all know that a college

education helps increase your earnings
in the future. But that is true if you

borrow money to pay for it or if you never

borrow a penny before you graduate.
Having it paid for is the best way to go.

Borrowing leads to debt, interest
payments and other problems. Student

loan debt stands at about $ 1.6 trillion

(That is $1,600,000,000,000) and is up
37% over the past five years. Like cars,

colleges just keep raising their prices and

usually faster than the rate of inflation. If
that $1.6 trillion is owed by 20 million

graduates, that would be $80,000 each.
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