For Femi Faoye and Jaleni Thompson, the catchphrase of giving back to
the community is more than just a notion—it's a reality. As co-founders
of a New York City-based non-profit organization that promotes financial
education and literacy to young people, Faoye and Thompson are taking a
steadfast approach to helping young people implement strategies to
effectively manage their money.
According to Nerd Wallet, an analysis of Federal Reserve statistics and
other government data show that the average US household credit card debt is
$15,607, counting only those households carrying debt. The average
household owes $7,281 on their cards. When looking only at indebted
households, the average debt is $15,607. But even if you're in arrears, you don't necessarily have to go into collections status.