5min chapter

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The worst ways to spend your money (according to science)

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CHAPTER

How Much Do You Spend on Credit Cards?

The average American household has a credit card debt of $5,768 in 2021. Almost half of US residents report worrying about their debts. Debt is particularly detrimental for marriages as well. Married couples with higher levels of debt show increased levels of marital conflict. Hourly workers from entry-level shop assistants to high earning accountants are more inclined to give up additional time in exchange for additional money than those who were paid annually. The effect of being paid by the hour apparently takes around two years to wear off.

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