Debt Facts: Horizon Financial Services

• 89 percent of people surveyed said it was easy to get into debt because of the availability of credit.
Source:National Foundation for Consumer Credit (NFCC)

• An increase in outstanding consumer debt, particularly credit card debt, has been cited as a significant contributor to the increased rate of filing (bankruptcy). One financial planner was recently quoted as saying, "I've never seen anyone come in with a financial problem that wasn't related to credit cards."
Source:Federal Deposit Insurance Corporation (FDIC)

• In 2001 the national consumer debt is over a record-breaking 1 Trillion Dollars.

• In 1999, credit card debt was approximately 565 billion dollars.

• Last Year, Americans paid out approximately 65 billion dollars in INTEREST ALONE, not principal.

• The average household has $7500.00 in credit card debt.

• In 1990, the typical U.S. household saved 7.8% of it's income; in 1999 that same family spent 0.1% more than it earned.

• Consumer Action, a nonprofit organization that surveys credit card issuers each year, found last year that 69% of issuers jack up the rate--to as high as 29.99% in some cases--after just one late payment.

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