The Debt Deadlock of U.S. Consumers

THE DEBT DEADLOCK OF U.S. CONSUMERS "IN THE YEAR 2012, US CITIZENS HAVE TAKEN UP TO $11.38 TRILLION CONSUMER DEBT." [Source: SB Wire] There are two main types of consumer debt that stimulate economic growth: CONSUMER DEBTS RESULT FROM OUTSTANDING EXPENDITURES THAT EXCEED CONSUMERS' INCOME. VS. CREDIT MORTGAGES CARD DIT CARD AUTO LOANS REVOLVING DEBT NON-REVOLVING DEBT AMERICANS OWE A COMBINED TOTAL OF $1.944 TRILLION IN SCHOOL, AUTO AND FURNITURE LOANS, ALONE. [Source: U.S. Census Bureau] U.S. CONSUMER DEBT PROFILE: AVERAGE HOUSEHOLD DEBT AVERAGE MORTGAGE DEBT $54,000 $147,967 AVERAGE CREDIT CARD DEBT AVERAGE STUDENT LOAN DEBT $15,162 $33,445 IN TOTAL, AMERICAN CONSUMERS OWE: CREDIT CARD DIT CARD $7.88 TRILLION IN MORTGAGES $914 BILLION IN STUDENT LOANS $846.2 BILLION IN CREDIT CARD DEBT BETWEEN 2010-2011, THE MEDIAN AMOUNT OF HOUSEHOLD DEBT INCREASED FROM $50,971 TO $70,000. [Source: US Census Bureau] AS OF MAY 2013: 14.7% OF AMERICAN FAMILIES HAVE DEBT THAT EXCEEDS 40% OF THEIR INCOME AVERAGE CREDIT CARD DEBT CARRIED BY U.S. UNDERGRADUATE STUDENTS = $3,173 1 IN EVERY 5 U.S. FAMILIES HAS AT LEAST A SINGLE MEMBER INDEBTED TO BANKS FOR ALL YOUR DEBT CONSOLIDATION, DEBT SETTLEMENT AND CREDIT COUNSELING OPTIONS, VISIT DEBTCONSOLIDATIONUSA.COM TODAY! debtconsolidationUSE .com Sources: http://www.usdebtclock.org/ http://www.statisticbrain.com/credit-card-debt-statistics/ http://www.nerdwallet.com/blog/credit-card-data/average-credit-card-debt-household/ http://finance.yahoo.com/news/could-live-without-credit-card-133440415.html http://www.investopedia.com/financial-edge/0113/how-to-live-without-a-credit-card.aspx http://useconomy.about.com/od/demand/a/ Average-Consumer-Debt-Statistics.htm http://www.sbwire.com/press-releases/us-consumer-debt-statistics-for-the-year-2012-raise-the-alarm-195688.htm http://www.census.gov/newsroom/releases/archives/cb13-51.html