THURSDAY, JUNE 6, 2013
Only 1 in 5 American adults report being confident they’ll have enough money to retire. A quick look at these stats and you might see why.
The average household owes over $115,000.
Of that debt, almost $16,000 is related to credit card debt.Success
The average income for an American household is $43,000.
15 percent of families hold a debt load that exceeds 40 percent of the their income.
Approximately 1 in 4 individuals reports an increase in individual debt over the past few years.
According to the experts, getting out of debt requires:
An emergency savings fund
Making extra payments on debt
Making more money than you spend or owe
The US. Census Bureau says less households are in debt, but those who have debt owe even more.
Are you doing what it takes to get out of debt? Where do you stand with these national statistics?
The average family savings account holds almost $4,000.
About 40 percent of working adults are not saving for retirement.
1 in 4 Americans does not have any savings.
1 in 4 Americans may have to postpone retirement.
Only 40 percent of Americans have an emergency fund.
Over half of consumers carry credit card balances over each month.
14 percent of disposable income is being used to make credit card payments.
A growing culture of debt may be one reason so many people are in debt.
3 in 4 college kids have credit cards.
1 in 5 college-aged kids have already experienced debt hardships.
College graduates come out of school with over $20,000 in debt.
60 percent of students borrow to fund their education
Education loans can take twenty years or more to pay off.