Can You Escape the Trap of Ever Growing Debt?

It's difficult not to be concerned when facing numbers like these:

43% of U.S. families spent more than they earned. On average, Americans spend $1.22 for each dollar they earn.

Standard Households have about $8,000 in credit card debt.

In the past decade Personal bankruptcies have doubled

Americans owed $1.9773 trillion in October 2003. This amount hasincreased 41% from what consumers owed in 1998.

The average American household has $18,654 in debt not includingmortgage debt.

In excess of 1 million homeowners currently have 3 or 4 mortgages on their homes. 1.8 million Homeowners have loans equal to 100% or more the value of their homes.

Personal bankruptcy filings in 2003, rose 7.8% from the same period in 2002

Average U.S. household with a mortgage, two college graduates who borrowed money for school and more than one credit card, owes about $112,000.

Do these scary statistics describe your situation? Do you feel trapped by your debt? There is hope! The key to escaping the trapof ever growing debt is simple: you need to spend less than you make.At LoseDebt.org weoutline a free and simple debtelimination plan to help you get on track and start eliminating your Debt. Let us help you avoid bankruptcy and start the process of creating wealth.

Source:

1. http://moneycentral.msn.com/content/SavingandDebt/P70741.asp

Ryan C.
LoseDebt.org

More Resources

Unable to open RSS Feed $XMLfilename with error HTTP ERROR: 404, exiting

More Debt Relief Information:

Related Articles

Learn The Five Key Debt Reduction Steps You Must Take Immediately!
Step 1. The purpose of this first step is to bring you back to reality.
Corporate Debt Management - Perspective on the Why
Entrepreneurs have a tough time in their formative years. They try too many things to get a foothold on this competitive business climate, and that too they try them too soon.
Should You Join a CCCS - Consumer Credit Counseling Service for Debt Relief and Financial Freedom?
Do You Need to Join a CCCS - Consumer Credit Counseling Service?Are you in a "debt hell"? If you are unsure, ask yourself these questions:Do you have bill collectors calling you and home and at work, leaving annoying messages?Are you afraid to open the door in the morning because you are afraid that the Sheriff's office has left a court goody for you?When the phone rings, do you get butterflies in your stomach?If you answer the phone and it's a bill collector, when they ask for you, do you reply "He/She's not in right now", or even just pick up the phone and then hang it up without saying who is on the other end?Do you go for days on end without checking the mail because there are only bills there?When you finally do get the mail, do you just throw it in some random location for weeks or even months without ever opening it?Are you paying one credit card company's bill with another credit card?Are your credit cards riddled with over the credit limit and late fees?Do you only receive high interest credit card offers?Have you applied for credit cards or car loans and been told that you had been denied because of bad credit?Does your credit report show a lot of late payments, charge-offs, bad debt, 30 60 90 or 120 days late entries listed?Does filing bankruptcy seem like your only way out?If you related to at least two of those items, chances are you would benefit from a consumer credit counseling service.Believe me, I know what you are going through.
How To Avoid Medical Collections
With medical collections costing doctors millions upon millions of dollars in unpaid bills and collection fees, many people have just one question: Who are these people who are trying to stiff the doctors who delivered them from great physical pain (or the flu, hypochondria, not-so-white-teeth, or a nose that didn't look enough like Brad Pitt's)?Well, I'm here to tell you who these people are, or at least some of them.They're me.
Going Bankrupt in the World
It all starts by defaulting on an obligation: Money owed to creditors or to suppliers is not paid on time, interest payments due on bank loans or on corporate bonds issued to the public are withheld. It may be a temporary problem - or a permanent one.
What Does A Bankruptcy Trustee Do?
Once you file bankruptcy a court appointed bankruptcy trustee will oversee your case. The new law also requires that the bankruptcy petitioner to take a debtor education course and receive credit counseling from a U.
The ONE Law You Should Be Breaking
There is a law all smart people break.Parkinson's law.
What is Debt Settlement?
Debt settlement is the process of negotiating with your creditors so that you are able to pay off a certain percentage of the debt amount that you owe. A debt settlement company will use different types of strategies to negotiate with your creditors so that you get the best outcome.
Fast Track Out of Debt
You go to the mail box and scan - a couple fliers (nah), your magazine subscription (yes!) and bills (groan). Every month the bills show up and as you sigh and take out your check book you wonder if you will ever be free.
Bankruptcy, Is It A Way Out
Negotiations with creditors have failed. Repossession is imminent and foreclosure proceedings have begun.
Bankruptcy: What You Need to Know
Personal bankruptcy is a legal way to give people with overwhelming debt a fresh financial start. Many people do not realize that there are five types of bankruptcy options available under the U.
Currency Trading Fee Concept
Troubles with Global Economy; Do you see future problems with our global economic plans to make a one world system, where free trade and prosperity can rein the world over. Many world leaders have agreed a one-world system is best for all.
Five Major Ways to Save Money
There are two main roads to improving your personal finances: increasing income, and cutting costs.Increasing income is the harder road to travel.
Debt and Financial Optimism in the UK Continue
With £ 1.3 trillion pounds worth of debt in the UK, Scotland's Citizens Advice Bureau has welcomed a new Bill to regulate lenders and protect borrowers from creating un-repayable levels of personal debt.
Debt Validation: Do you have to pay ?
It happens all the time. Debt collectors try to collect on debts that consumers have no knowledge of or never owed in the first place.
Dealing with Thingitis
Debt is quickly becoming an epidemic in America. However, through the past 50 years, America has not seen such large domestic growth.
Do It Yourself Debt Relief
With mounting bills and unforeseen hardships, you may be considering some form of debt relief. There are many options to help you, but the best may actually be you helping yourself.
Bankruptcy As An Option
If your financial worries are preventing you from sleeping at night, then you may have considered bankruptcy in hope of a little relief. Usually, consumers only turn to bankruptcy if there is no other hope for them to get out of debt.
Your Secret Weapon... A Budget
For many, the word 'budget' immediately sends shivers down the spine. Why in the world would anyone need or want to budget their money?First off, budgeting your money does NOT mean you are poor, or are in need of financial assistance.
Help for the Single Mother with Managing Credit and Debt
Today's consumers benefit drastically from the usefulness of credit. Credit cards are especially useful for large purchases, emergency situations, making reservations, identification, and protection from fraud.