According to creditcards.com the average credit card debt per household that hold credit card debt is $15,799 for 2011. This number does not include households that are credit card debt free, this is only households that hold credit card debt already. If you are among the debt free crowd, you have planned well. However, if you feel you are in a lot of debt, you are not alone. Many people are in denial about how much they owe, but a whole lot are trying to dig their way out.
If you are trying to recover from credit card debt, I recommend these sites that specialize on giving debt free living advice:
Both sites have a members area, however, the free side is excellent and gives enough information to get started. I am not affiliated with any of these sites, I just know countless people have benefited from following these steps.
Should you set aside cash for emergency preparedness if you are trying to get out of debt?
I would say as long as you are current on your bills, and are able to set aside a small amount for water, food and emergency supplies, then you should do so. I would not recommend getting behind or defaulting on your debt, or charging your credit cards to buy preparedness supplies if you are already deep in debt. If you are new to this site, please check out the “Getting Started” tab http://wp.me/P1dmhM-oh as well as “Preparing on a Small Budget” http://wp.me/p1dmhM-zU. If you do find you have some room in your budget, Ken over at Modern Survival Blog has some great suggestions in the article “10 Things to Do with Your Money” http://modernsurvivalblog.com/recession-proof-household/10-things-to-do-with-your-money/
Being prepared for emergencies and having an amply supply of your necessities is actually cost effective in the long run.
For easy ways to become more prepared, read my book: