You Americans out there, we have one trillion in credit card debt. The richer getting richer with bigger savings accounts and the poorer getting more in credit card debt. Yeah, but Dave Ramsey told me to cut up all my cards. Yeah, well, now your credits are in the toilet. Good luck expanding your business. These are the little perks that quite honestly the credit cards use to get you track. If we can start creating a little win and have a feeling of freedom,

have a feeling that I'm making progress, a feeling that I'm not a loser and that there's a

future and there's a light at the end of the tunnel. Welcome everybody to another episode of

the Main Street Business podcast with yours truly Mark Kohler and sitting right next to me

is the amazing Matt Sorenson. We have a show for you.

It's going to be good. Yeah, we have a show for you and you Americans out there. We have one trillion in credit card debt. Wow, you're going to lead with that, huh? Yeah. Nice. The trillions. I like talking about trillions. Trillions. I'd rather not be credit card debt, but we have hit an inflection point, we are in the trillions now in U.S. credit card debt.

No, I even sat down to discuss this with Matt earlier and he actually

shared some interesting details in this big lump of debt because what does the media like to do?

Choose one number, one little, you know, tagline and get readers to click. So there are some things we've got to unpack. But I also want to talk agenda. We're going to hit what's good debt and bad debt. Yeah. Not all debt's bad. And we want to also help any of you do have a little lingering credit card debt. Oh, ho. We're going to hit the snowball and we have a free debt snowball to send to you, your kids, your family, your friends,

to help them get out of debt because we want to be lean and mean. Yeah. Now, here's what I want to talk about at the outset. And this is what pisses me off about all these headlines you've been here in about $1 trillion in credit card debt. Do you know what they're not telling you in the statistics of what's coming out right now? credit card debt is at 6% as to total U.S. savings and bank savings and checking accounts.

Okay.

That is the lowest percentage in 20 years, despite the fact.

The ratio between debt and our savings accounts.

Yes. This is the lowest percentage of credit card debt in comparison to savings and what's in checking accounts than we've ever had. Now, they hit a $1 trillion number, and that gets its headlines, right? We've hit $1 trillion. But we have more savings. There's more money in savings than there's ever been before. And that is counterbalancing it. And so when you're looking for signals, this is what's tough is if you're a small business owner or investor, you're looking for signals about what to do. Do I grow my business? Do I make more investments? Do I sell my investments? Do I stay on the sidelines? You hear one trillion in consumer debt. You're like, uh-oh, I've been hearing this recession. Are we head towards it? No. Look at the details and the underlying numbers. Okay, now I want to debate this with you. So everybody gets this.

Let's say the ratio would be for every... Are we head towards it? No. Look at the details and the underlying numbers. Okay. Now, I want to debate this with you.

So let's just, so everybody gets this.

Let's say the ratio would be for every $1,000 I have in savings. I would have $60 in credit card debt. Right. Okay. That's the theory. Okay. Cool. I don't think that's how it works. What I think, the richer are getting richer with bigger savings accounts and the poorer getting more in credit card debt.

Yeah. For the people that have credit card debt, they don't have a thousand in savings. They just have $600 in credit card debt and it averages out with the wealthier. What do you think of that?

I don't know that that's in the statistics, but that could be,

that's possible, that's possible. But if you're looking at a general economic picture,

there's still a lot of cash to be invested to buy goods if you're a business owner. And you might,

I don't know who your customer is, but there's still a lot of money and savings. And actually, I don't know that that's the case because one of the things that happened

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