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The world of consumer debt is huge: Here are some consumer debt statistics
that are essential to know.
Today, consumer debt statistics can show just how much trouble
the country is in when it comes to debt.
There are many people that face a forever stretching pile of
debt and they can not see over the top of it to get through it.
This is very difficult and many individuals will feel trapped
and without options.
The Hard Facts
To show the real situation in the US, here are some consumer debt statistics
that every American should know.
- One out of every one hundred families will file bankruptcy
in their lifetime within the US. This shows just how many individuals have
found themselves well beyond solutions to getting out of debt.
The percentage of bankruptcies filed by people that just do not want to
pay for it is quite low. This shows that most of these individuals just do
not have any way to get around it.
- The average family has 13 different credit cards. This
number includes standard credit cards, store cards and gas cards. As a
country, there are over 1.3 billion of these credit cards in circulation
today.
This is tempting fate, so to speak. With so many various credit cards to
choose from, just how many payments will need to be paid per month? And,
how many of those will not be paid timely?
- On average, an American couple will have about $6000 worth of
debt that they carry with them each month. By using a simple tool
called a debt calculator, this means that if the individual only pays the
minimum payment each month, that it will take
them almost 20 years and well over $5000 in interest alone payments,
and that is at an interest rate that is low at 15%.
Not to mention additional charges, annual fees, over the limit fees and
late fees that are commonly added to it.
- For those that use credit cards to purchase everyday things, they tend
to spend 112% more then they would if they were to just pay with
cash. When it comes to spending cash, people are much more
cautious as to how they will spend their money.
The Consequences of Debt
So, what does this show? The consequences of this debt is enormous. For
example, only 2% of people actually live in homes that are paid off.
And, for those that are selling their homes to move into larger ones, to move to
a new location or losing them due to lack of paying them down, they will still
owe, on average, 90% of their mortgage.
Even more worrisome is that those that are retiring right now, 96% of
them will not be able to support themselves but will need to rely on
their families, charity and the government to support them.
These consumer debt statistics come from the Federal Reserve,
the US Departments of Health and Human Services, and the National Association of
Realtors.
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