User2933_1_t DENISE FORE
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Next year, $1 trillion worth of adjustable-rate mortgages - about 11% of all outstanding mortgage debt - is scheduled to readjust to a higher interest rate for the first time.
- MSNBC.com, September 6, 2006

Seniors, many of whom are on fixed incomes, are carrying an average of over $4,000 in credit-card debt.
- Newsweek, September 11, 2006

$12,338 is the average credit-card debt among people who carry a balance.
- Kiplinger's, November 2006

In a worldwide survey, 22% of U.S. consumers said they have no money left after paying basic living expenses. (Portugal was the only country topping the US with 23%.)
- Kiplinger's, November 2006

Of the 7.7 million households who took out ARMs over the past two years to buy or refinance, up to 1 million could lose their homes through foreclosure over the next five years.
- USA Today, April 3, 2006

1.8 million people filed for bankruptcy in 2005, a new record.
- USA Today, March 23, 2006

US households overspent their incomes by $575 in January 2006.
- USA Today, March 2, 2006

28% of workers say they are one setback away from financial disaster.
- Money, March 2006

Bankruptcies are at a record level as people finance their lifestyles with debt.
- The New York Times, December 11, 2005

Debt in the United States has doubled in the past 10 years.
- USA Today, April 29, 2005

Almost one out of every five people make only the minimum monthly payment on their credit card.
- Business Week, April 25, 2005

 

3 Comments on WE HAVE A DEBT CRISIS PEOPLE ARE FINANCING THEIR LIFESTYLES WITH DEBT

Sobering and scary statistics -- and these affect our performance as a profession.  Thanks for the eye opening information.

05/03/2007 12:23 PM by Ross Willingham, Realtor Associate (Real Estate Professionals, Dolores Lemon & Associates)


Here's something to ponder. The average Chinese family saves 25% of their income! That is the average - which means half the people save MORE and half LESS!

Interesting!

Shaliesh

05/03/2007 12:29 PM by Phoenix Home Loan Expert (www.aimeeloans.com)


You are right on.  This is why I help people get out of debt in up to 7 years and help them save for a tax free retirement.  

 

Keep getting the work out on how bad the debt problem is.

05/03/2007 04:34 PM by Dave Cheatham (INC Financial )


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Insurance Broker or Agent: DENISE FORE (PRIMERICA FINANCIAL)
DENISE FORE
Bronx, NY
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PRIMERICA FINANCIAL

Office Phone: (718) 654-7121
Cell Phone: (845) 798-1101
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