CURRENT FINANCIAL FAQS: America’s financial portrait

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  • 9 out of 10 families live paycheck to paycheck.

     

  • Only 2% of the homes in America are paid off.

     

  • Most 62-year-olds still owe 22 years on their first mortgage.

     

  • 86% of all new homes are purchased by dual-income families.
     
  • 80% of divorces are caused by financial stress.
     
  • Women have been forced into Corporate America, with self-evident negative effects on the family.100% of a family’s disposable income is allocated to debt payments.
     
  • Bankruptcies are at an all-time high – 1,663,097, up 10% over the last 12 months. Since 1990, at least 15 million families have gone bankrupt.
     
  • Mortgage defaults are at their highest level in history.
     
  • States and municipalities are in their worst shape in history, even worse than during the Great Depression. All states combined have a $71 billion deficit.
     
  • America owes $6.4 trillion in national debt. This does not include the off-line debt like Social Security.
     
  • All debt combined, including government and personal debt, is $38 trillion. It takes $2 trillion a year to service this debt. This debt was at $17.4 trillion just 15 years ago. This debt is growing at 5.1% a year, yet the U.S. economy is only growing at 1.4% a year. Our national debt was just at $900 billion in 1980. The country’s debt ratio is at 296%. This year’s deficit is at $500 billion, with off-line debt actually at 1 trillion.
    We are the most indebted nation in the world, and our people are the most debt-saturated people in history!
     
  • Interest payments are stealing the future of many American families-
    • If you invested $1,000 a month for 7 years, you would have $121,000. If you borrowed the same $121,000 at 10% how long do you think it would take you to pay it off? It would NEVER be  paid off! This is the lesson credit card companies have learned and are using against families. Americans are signing away their future, much like slaves.