Debt Help Facts

It takes a great deal of personal courage to face your debt problems head on.

The United States Trustee Program has been advised that clients typically have an 80 percent debt to income ratio when they seek credit counseling from a nonprofit organization.
About one third of all clients opt to develop a debt repayment plan. Out of that one third, approximately 50 percent of the clients who begin debt repayment plans complete their plans, while the remaining 50 percent generally drop out within six months to one year.
By comparison, approximately 35 percent of all chapter 13 debtors complete reorganization plans, with the balance of the cases being dismissed or converted.
Another one third of all clients who seek nonprofit credit counseling are able to work out their finances without a debt repayment plan. About 23 percent of all clients need to take some other type of action, such as seek part-time employment or address substance abuse.
Americans collectively owe nearly 2 Trillion dollars. That's about $18,500.00 per household not including mortgage debt. Credit card debt, which has almost doubled in the last decade, is a major factor in our increasing debt load. Lydia Sermons-Ward, spokeswoman for the National Foundation for Credit Counselors said,

“There is a tendency for consumers to take advantage of credit offers without really thinking through the consequences of overspending.”

The upward surge of credit card debt is challenged only by the rapid increase in mortgage debt. Many lenders are becoming worried that the record low mortgage rates have prompted many homeowners to over-borrow, increasing an already onerous debt load.

Current trends indicate that a significant percentage of homeowners are re-financing to take advantage of lower interest rates, but apparently many more are re-financing to receive cash. The average home owner equity loan is approximately $25,000.00.

One of the results of all this borrowing is the increasing number of homeowners who have three or more mortgages on their property. It is estimated that nearly 2 million American homeowners have mortgages equaling 100% or more of the value of their homes.

Mortgage debt is much larger than the amounts owed to credit card companies. On average, American homeowners owe about $70,000.00, about 20% of American homeowners owe more than $100,000.00 and the numbers are growing each day.

A mortgage is both a debt and an investment in your financial future. It's a debt that you must pay, but it is also an investment through which you add to the equity in your home with each payment. It is paramount to protect this secured investment when considering debt management programs.





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