Debt Consolidation Review
More and more people are being swept away in a sea of
high-interest credit card bills. Personal debt and bankruptcies
are at an all-time high. Families are spending more than
they actually earn. Millions are being robbed of their
financial security.
This is mainly caused by one thing: Debt.
The toll it has now taken on society can only be described
as a crisis!
Why? What is it that consumes so many with the urge to
charge purchases?
Why do so many live beyond their means—requiring
loans and credit cards to survive—thus fueling the
credit industry?
Consider the following:
• 50 million credit cards are issued each year.
• The average American carries a cumulative credit
card balance of $8,562.
• The average family has 10 credit cards.
• 78% of Americans are considered “credit
worthy” by the lending industry.
• In 2001, Americans paid over $50 billion in finance
charges to creditors.
• Currently, the total consumer debt
for Americans is a record $735 billion.
• An average minimal payment is 90% interest and
10% principle.
• There were 1.354 million bankruptcies in 1999
alone.
• In 2001, 1.5 million credit card holders declared
bankruptcy—higher than any point in history.
• In the United Kingdom, average debt
per household is over $17,000 (USD).
How many of these statistics include you? Have you found
yourself making the minimal payments month after month?
Have you paid off a car note or mortgage payment with
credit cards? Have you found yourself making purchases
you knew you could not afford, but just had to make? If
you are an average American, the answer is yes. And, unless
drastic action is taken, bankruptcy may one day seem like
a healthy alternative for you.
Now for the real question: How can one get out of this
dilemma?
You can start by realizing that credit was intended solely
for those in need. It is not
intended for wants. If you cannot
control your spending habits, then you need help. Seek
professional "consumer credit" counseling.
The first step on the road to debt recovery
is debt consolidation.
