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

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