Debt Elimination Success Seminar
I Hate Debt Homepage Section 1 A Look at Debt History of Debt Credit Card History Current State of Debt How You Got Into Debt Good Debt Bad Debt Business vs. Personal Debt Section 2 Dealing With Your Money The Two Step Plan Doing The Two-Step Step One Step Two The Paths Out of Debt 1- Create a Debt Payment Plan 2- Neogtiate Better Rates & Terms a.Consolidation Loans b.Consumer Credit Counseling Services 3- Negotiate Lump-Sum Settlements 4- Bankruptcy 5- The Easy Way 6- Win $1,000,000 Living Debt-Free Manage Your Money Make More Money Save Money SameMoney-MoreFun Stay Debt-Free You as a Business Section 3 Dealing With Your Creditors Alerts/Scams The Credit Industry Credit Industry The Fine Print The Secondary Debt Market The Debt Collection Process Original Creditor The Charge-Off Collection Agency Legal Problems Dirty Creditor Tricks Dealing with Debt Collectors Dealing with Debt Collectors Statute of Limitations Cease and Desist Letter Section 4 The Credit Report The Credit Report Credit Score Credit Repair Section 5 Dealing With Yourself The Critical Factor The Art of Prosperity The End of Failure Prosperity Coaching Section 6 Kids and Money Kids and Money How to Pay for College Section 7 Debt Information Bookstore Debt Facts Radio Show Resources About Us Privacy Policy Site Map If you find this information helpful I ask you to contribute to help me help more people. You can contribute through PayPal by clicking on this button Or you can mail in your contribution.	The Current State of Debt STILL DENYING THERE IS A CONSUMER DEBT CRISIS? TAKE A LOOK AT THESE STATISTICS: $84,454 is the average household's personal debt, including mortgages, cars loans, credit cards, and other personal debt. (Source USA Today Oct. 4, 2004) $473,456 is the average household's share of government debt, including Mdedicare and Social Security (Source USA Today Oct. 4, 2004) 27.3 million Americans have been victims of identity theft, which can lead to debt and credit problems, in the last five years. (Source FTC 9-3-2003) The average undergraduate finishes school with $18,900 in debt. This includes student loans and credit card debt. (Source Nellie Mae 2-6-2003) Total credit balance from 1996 to 2000 increased an average of nearly 9% per year to a total of $633,000,000,000. Americans today have over 1,000,000,000 credit cards. USA Today reports that, of the 23 greatest fears identified by Americans today, #3 was inadequate Social Security, and #4 was not enough money for retirement. American Express Financial Services reports that Social Security will account for only 27% of the average retiree's income. A survey by the Consumer Bankers Association found that, within a year, 70% of the people who had shifted credit card balances to home equity, were again running up credit card debt. Citibank's Platinum Select's rate can soar to prime plus 12.9% after a single late payment to Citibank or any other creditor. Researchers at Sanford C. Bernstein, a securities firm, points out that household debt in the 1990's grew at a rate 2% a year faster than their income. According to the National Board of Realtors the average homeowner stays in their home for 7.1 years (1993 statistics). With an 8% mortgage, they will sell their home still owing over 90% on their mortgage. Only 2% of American homes are paid for. For the period ending June 30, 1996, personal bankruptcies in a 12-month period exceeded ONE MILLION for the first time ever. In 1997, there were more than four million home equity loans, totaling $268 billion, nearly 50 percent higher than in 1992, just five years earlier". Making the minimum payment on a $4,800 balance at the average interest rate of 17%, it would take you 39 years and 7 months to pay off. You would pay $10,818.63 in interest alone, and a total of $15,619 for the privilege of charging the $4,800. On average the typical credit card purchase is 112% higher than if paying cash. Over 40% of U.S. families spend more than they earn The average household has 7 credit cards. The average household has a total credit card balance of approximately $25,800 Typical minimum monthly payment is 90% interest and 10% principle Sixty Five% of all credit card accounts have only the minimum payments amounts being made by consumers. Americans paid out approximately $65 billion in interest last year alone. The record number of bankruptcy filings was 1.44 million in 1998 until 1.49 million were filed in 2001. To find out the current U.S. national debt Click Here. If you want more information on the United States public debt go to the Bureau of the Public Debt. Did you even know there is a Bureau of Public Debt? Well there is and the information is fascinating. While understanding the current state of debt is interesting and important, it is much more important that you know your current state of debt. But first let's find out "How You Got Into Debt".

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