average American household has 13 payment cards, including credit
cards, debt cards and store cards. There are 1.3 billion payment
cards in circulation in the United States.
made $1.1 Trillion worth of credit card purchases in 1999.
carry, on average, $5,800 in credit card debt from month to month.
If one were to make only the minimum payment on that debt every
month, it would take 30 years to pay off - and include an additional
$15,000 in interest.
to the American Bankruptcy Institute, 302,829 people file for
bankruptcy in the first quarter of 2000.
average the typical credit card purchase is 112% higher than if
Over 40% of US families spend more than they earn. (Federal Reserve).
of all Americans will retire financially dependent on the government,
family, or charity. (U.S. Dept. of Health & Human Services)
one out of every 100 households in the United States will file
1992 Federal Reserve study showed that 43% of U.S. families
spent more than they earned.
to the National Association of Realtors the average homeowner
stays in their home for 7.1 years (1993 statistic). With an
8% mortgage, they will sell their home still owing over 90%
on their mortgage. If they were to continue this trend they
would NEVER pay off a mortgage in their lifetime!
2% of homes in America are paid for!
average, Americans can expect to receive just 37% of the annual
retirement income they will need to live comfortably. [America's
Retirement Crisis: The Search For Solutions- Openheimer Funds
Dist., Inc. 1993]
of 1995 92% of U.S. family disposable income is spent on paying
debts, up from 65% in 1975. [Federal Reserve]
the year ending June 30, 1996, personal bankruptcies totaled
more than ONE MILLION for the first time ever in a twelve month
period. That is almost one bankruptcy for every 100 U.S. households.
average, you will spend 112% more on a credit card purchase
than when using cash.
average household has four credit cards with balances around
$4,800, up from two cards and $2340 in balances five years ago.
[RAM Research, 1996]
the minimum payment on a $4,800 balance (average balance of
U.S. cardholders) at the average annual 17% interest rate, it
would take you 39 years and seven months to pay off. You would
pay $10,818.63 in interest alone, and a total of $15,619 for
the privilege of charging the $4,800!
half of all Americans (46%) have less than $10,000 saved for
their retirement. And 39% of Americans are anxious about their
ability to achieve their desired retirement lifestyle. [Miles
To Go: A Status Report on Americans' Plans for Retirement-Public
Agenda, 1997] It can either be the golden years or the golden
$8,000 debt at a rate of 18% interest will take you over 25
years to repay and cost you over $24,000 in the long run.
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