00:00Credit card debt this year grew as much as the stock market did.
00:05For example, VOO, which is the ETF that represents the S&P 500,
00:09the stock market is up 17% this year.
00:12And credit card debt grew by 16% this year.
00:16And here's what that actually means.
00:18Remember that the average returns for the stock market over the last 100 years
00:22was between 7% to 10%.
00:23And right now we're at 17%, which is not normal.
00:26So if you're one of the roughly 190 million Americans that has a credit card,
00:31and if you carry the average balance of over $5,000,
00:34your debt is probably growing at the same pace as one of the fastest stock markets
00:39that we've had in a while.
00:40Which means you'll never be able to build any significant amount of savings or wealth
00:44even if you try to out-invest your debt if you carry a credit card balance month to month.
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