by 1 person |
It's a BIG problem our old friend debt...
Yup, it's a really big problem... And I'm speaking from personal experience.
A few years ago, I got myself into a real mess financially. Spending too much, putting a lot of it on credit cards, thinking that 'one day' I could easily pay it all off. Problem was, I didn't see how fast the interest would mount up. Then it bit me in the rear!
So I learned my lesson. And now I love helping people get out of the credit card / debit card / no interest / low interest / 'have it now, pay for it later' mentality.
And the good news... Well, let's look at the not-so-good news first:
Depending on where you get your information, debt is a huge and growing problem. According to the Federal Reserve, its latest statistics on consumer credit show that consumer debt reached $2.004 trillion a couple of years ago - almost doubling since 1994...
Total credit card debt in the US stands at $735 Billion, with the average household debt of those who carry card balances estimated to average $8,000.
MSN Money seems to think that these figures are not all that alarming, since the averages may have been skewed by high levels of debt from a small percentage of people...
Whereas the Washington Post seems to think that consumer debt is rising too fast, and will cause significant problems for individuals, and the economy...
Apparently Great Britain accounts for over 66% of all consumer debt in the European Union. And the average level of consumer debt in the UK is £4,131 (approx $8,100) - which is up 52% in 5 years...
Remarkably, the UK and the US seem to have similar levels of consumer debt on an a per capita basis. So are these figures meant to make you feel better?
Not really. It's just supposed to make you recognise that you're not alone!
What Are The Solutions?
New Text List
New eBay
Fetching new data from eBay now... please stand by
New Guestbook
-
Reply
- Oct 24, 2007 @ 5:33 pm
- nice lens! Free Credit Counseling
-
Reply
- john john Oct 20, 2007 @ 2:09 am
- If you wish to keep the cost of payday cash advance to minimum, you need to learn the art of borrowing at right time and only the right amount. That is you should delay borrowing until it becomes necessary and you cannot hold up it any more. This way, you will borrow for minimum period. In addition, you should borrow only that much amount, which is essential to meet the emergency. Obtaining any additional money will simply mean that you will pay interest and finance charges for the money that is just sitting idle in your bank account. http://advancemagnumcash.pixieinfo.com/articles.html
-
Reply
- Debt_Man Debt_Man Jul 5, 2007 @ 12:27 pm
- Great debt lens, come check out my debt settlement tips lens
by bengylsen
Passionate about building multiple streams of online income, and teaching others how to do the same.
Enjoy researching topics and ideas, and helping pe...
(more)Explore related pages
Warning! Don't Join a Debt Settlement Program Before Reading This Web Article!- Debt Settlement & Debt Consolidation Companies take Advantage of People in an Em...
Debt Consolidation: Everything You Need to Know- Unravel the benefits of taking debt consolidation. See how it can improve your c...
How to settle debt- Could it really be possible that you can settle your high credit card balances f...
- Your best debt solution - pay off the credit card.
- - Debt solution strategies and tips to reduce your debt "Do it yourself&quo...
Debt Free! Real World Credit Management Solutions- Do you need debt management counseling? If you answer Yes to any of the followin...
Debt Help for the Credit Challenged
- If you feel like your debt is strangling you and seriously affecting your life,...
