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 has increased 41% from what consumers owed in 1998.

The average American household has $18,654 in debt not including mortgage 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 trap of ever growing debt is simple: you need to spend less than you make. At LoseDebt.org we outline a free and simple debt elimination 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