Debt Problems: A National Epidemic
If you are having debt problems, you are not alone. Because credit is seductively easy to access and use, more and more Americans are experiencing debt problems. Here are a few statistics to this effect:
- In 1999, Americans made $1.1 trillion worth of credit card purchases
- Around 300,000 people file for bankruptcy each quarter
- An average American household uses 13 payment cards (credit, debt, and/or store cards)
- Americans carry an average credit card balance of $5,800 from month to month. Paying just the minimum on this amount would mean an additional $15,000 in interest and an extra 30 years to pay off.
- A typical credit card purchase will cost you 112% more than if you had used cash
- 43% of families spend more than they earn
- One in every 100 households will eventually file for bankruptcy
Professional Debt Management: The Solution to Your Debt Problems
These statistics might seem discouraging, and they might hit close to home for a lot of you. However, there is a way out of your debt problems and onto the path toward financial freedom. Don't let debt enslave you for the next 30 years. Professional debt management services, such as debt consolidation and debt settlement, can help you reduce your debt, become debt-free faster, and reduce your monthly payments.