Facts About Debt
Debt Saviors is committed to teaching consumers the skills and information
necessary to gain control of their finances and prevent future occurs of
debt. Our credit counselors can answer many debt and credit related questions.
Pre-approved credit card offers
Do you ever wonder why you keep getting all those "Pre-approved" credit card offers - even though you're in debt, or maybe your credit rating is far from perfect? It has been the trend, as of late, for creditors to offer their cards to all consumers, especially those who have had credit and debt problems in the past. They hope that past poor credit habits will force you to spend more money with their card - and rack up plenty of interest and late charges. They'll earn money and you'll be back in financial turmoil. You're certainly not alone.
| 2003-2007: The average American adult received 32 credit card offers through the mail, regardless of their credit history. |
The average family credit card debt
You might be wondering, "I owe my creditors thousands of dollars - there can't be anyone worse off than me!" you're not alone! Some clients carry balances as high as $200,000.
If your credit card balance is $8,000, and you make the minimum monthly
payment at 18% interest, it will take you 25 years,
7 months to pay the debt off.
You will pay $15,432 in interest charges, (almost
twice the balance), bringing your total to
$23,432.
Americans paid out approximately $65 billion in interest last year alone.
Personal bankruptcy
One indicator of debt in the U.S. is the number of personal bankruptcies
declared each year. While many more bankruptcies are declared than need to
be, statistics show how many people feel their debt burden is more than they
can handle: Personal bankruptcies are at an all time high! In 1997 there
were more than 1.3 million declared. That figure is up 63% from just ten
years ago.
National consumer debt
In many ways, America is a nation weighed down by its citizens' (and government's) debt. National consumer debt reflects many different factors, so we'll concentrate on consumer credit debt, which accounts for 40% of the national figure.
| In 1998, the national consumer debt reached an all-time high of over 1 trillion dollars. Credit card debt was just as striking, approximately 400 billion dollars. |
You can help stop our national romance with debt by becoming debt free and learning the skills necessary to manage your own finances. Let Debt Saviors help you become debt free, and show you hot to be a responsible credit consumer.
A pamphlet on "Fair Debt Collection" is available from the Bureau of Consumer Protection (202)-326-3250.
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