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Fact #1: Over 40 million Americans live under the daily stress of being in debt. A recent Gallup poll revealed that that over half of all Americans has at least one credit card that they do not pay off in full each month. Essentially using the credit card for a short term loan.
Fact #2: The average debt as a percentage of household income is 8.0%, though it is in double digits for people earning less than $40,000 a year. Fact #3: The average household has more than $8,000 in credit card debt, up from about $3,000 in 1990. An $8,000 debt at a rate of 18% interest will take more than 25 years to repay and cost more than $24,000. Fact #4: The average interest rate charged by credit cards is 14.71%. Fact #5: The most recent Federal Reserve study showed that 43% of U.S. families spent more than they earned. On average, Americans spend $1.22 for each dollar they earn. Fact #6: Over 1.5 million people on average seek credit counseling yearly seeking guidance for their financial situation.
Even if you are facing bankruptcy there is hope! Even if you struggle to keep up on your current bills there is hope! Even if you cringe at the sound of the telephone or the mailman....
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