Overspending Epidemic

OVERSPENDING EPIDEMIC A Look at the Areas Where Americans Are Blowing Their Budgets UNDERSTANDING OVERCHARGING Causes 48% PAY CUT OF JOB LOSS 10% OVERSPENDING 10% ILLNESS OR DEATH 9% DIVORCE 23% OTHER 50% OF U.S. HOUSEHOLDS CREATE A BUDGET 36% USE SAVINGS 50% OF AMERICANS SPEND MORE THAN THEY EARN 22% CO USE CREDIT CARD Americans spend $1.33 for every $1 earned EARNED AREAS OF OVERSPENDING $1.00 ELECTRONICS -2 -1 1 2 NEW CARS SPENT -$1.33 НОMES -2 -1 1 2 RETAIL $2.43 Trillion in U.S. consumer debt That's $7,800 per person! TYPE of DEBT 33% CO Revolving debt like credit cards 67% Loans 1 IN 10 CONSUMERS HAS MORE THAN 10 CREDIT CARDS 40% 15% OF CREDIT CARD HOLDERS HAVE UNDER $1,000 IN DEBT OF CREDIT CARD HOLDERS HAVE OVER $10,000 IN DEBT 25% 25% of U.S. households don't have any credit cards 56% of U.S. households have no credit card debt FO $51 BILLION BURGER НЕАР IN CREDIT CARD CHARGES USED TO BUY FAST FOOD IN 2006 GOOD DEBT VS. BAD DEBT Good debt Some debt is necessary in order to advance in the workforce and maintain a regular lifestyle Mortgage Student loan Auto loan Bad debt Some debt is incurred for unnecesary expenses at high interest rates High amounts of credit card debt • Debt incurred due to late payment fees Infographic Provided By: www.phoenixvehicletitleloans.com Sources: CASH-n-GO http://www.huffingtonpost.com/2012/05/17/americans-spending- more-than-they-earn_n_1523920.html http://www.creditcards.com/credit-card-news/credit-card- industry-facts-personal-debt-statistics-1276.php http://www.statisticbrain.com/credit-card-debt-statistics/ http://articles.businessinsider.com/2011-05- 23/markets/30101275_1_consumer-debt-credit-cards-student-loans http://moneyaware.co.uk/2011/04/what-you-think-causes- personal-debt-might-be-wrong/ http://money.howstuffworks.com/personal-finance/debt-management/debt.htm http://www.foxbusiness.com/personal-finance/2012/06/01/why-overspend/ OVERSPENDING EPIDEMIC A Look at the Areas Where Americans Are Blowing Their Budgets UNDERSTANDING OVERCHARGING Causes 48% PAY CUT OF JOB LOSS 10% OVERSPENDING 10% ILLNESS OR DEATH 9% DIVORCE 23% OTHER 50% OF U.S. HOUSEHOLDS CREATE A BUDGET 36% USE SAVINGS 50% OF AMERICANS SPEND MORE THAN THEY EARN 22% CO USE CREDIT CARD Americans spend $1.33 for every $1 earned EARNED AREAS OF OVERSPENDING $1.00 ELECTRONICS -2 -1 1 2 NEW CARS SPENT -$1.33 НОMES -2 -1 1 2 RETAIL $2.43 Trillion in U.S. consumer debt That's $7,800 per person! TYPE of DEBT 33% CO Revolving debt like credit cards 67% Loans 1 IN 10 CONSUMERS HAS MORE THAN 10 CREDIT CARDS 40% 15% OF CREDIT CARD HOLDERS HAVE UNDER $1,000 IN DEBT OF CREDIT CARD HOLDERS HAVE OVER $10,000 IN DEBT 25% 25% of U.S. households don't have any credit cards 56% of U.S. households have no credit card debt FO $51 BILLION BURGER НЕАР IN CREDIT CARD CHARGES USED TO BUY FAST FOOD IN 2006 GOOD DEBT VS. BAD DEBT Good debt Some debt is necessary in order to advance in the workforce and maintain a regular lifestyle Mortgage Student loan Auto loan Bad debt Some debt is incurred for unnecesary expenses at high interest rates High amounts of credit card debt • Debt incurred due to late payment fees Infographic Provided By: www.phoenixvehicletitleloans.com Sources: CASH-n-GO http://www.huffingtonpost.com/2012/05/17/americans-spending- more-than-they-earn_n_1523920.html http://www.creditcards.com/credit-card-news/credit-card- industry-facts-personal-debt-statistics-1276.php http://www.statisticbrain.com/credit-card-debt-statistics/ http://articles.businessinsider.com/2011-05- 23/markets/30101275_1_consumer-debt-credit-cards-student-loans http://moneyaware.co.uk/2011/04/what-you-think-causes- personal-debt-might-be-wrong/ http://money.howstuffworks.com/personal-finance/debt-management/debt.htm http://www.foxbusiness.com/personal-finance/2012/06/01/why-overspend/