It's hard to believe
you're not alone when you feel overwhelmed by debt. But
the truth is consumer debt touches most all American
families in some way. Take a look at the figures below.
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In the last decade, the average US household consumer debt
(non-mortgage) has increased from approximately $8,500 to
$14,500. (Federal Reserve Statistical Releases and U.S.
Census Bureau)
Credit card debt now averages $8,562 per household.
According to the Federal Reserve, outstanding non-secured
consumer debt rose from $355 billion in 1980 to $1.2
trillion in 1996 to $1.65 trillion in 2001.
The average American family is paying about $1,100 a year
in interest on credit cards.
Interest rates on bank credit cards have widened as a
result of the eleven rate cuts by the Feds in 2001. Card
rates, after the introductory periods, now range from
4.75% to 35.00%, the widest spread ever.
The number of consumers who are enrolled in debt
management programs has increased from approximately
400,000 consumers in 1995 to over 1,000,000 in 2001.
(Industry sources)
There were more than 1.5 million personal bankruptcies
filed in 2001. (American Bankruptcy Institute)
A Chapter 7 bankruptcy may stay on your credit report for
as long as 10 years. (Equifax, Experian, Trans Union)
A Chapter 13 bankruptcy generally stays on your credit
report for 7 years. (Equifax, Experian, Trans Union) Note:
During this 7-year period, a bankruptcy in your credit
history will likely either eliminate your ability to get
credit or make the credit you can get very expensive in
terms of fees and interest rates. |
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Debt Relief 
