Posted on
August 26, 2009
at
5:09 am
I just do not know how to start counting. Is it actually possible to find out just how many people are in debt?
Posted on
August 26, 2009
at
5:16 am
You want to find out how many people are in debt....why? And did you mean consumer debt?Credit card debts, according to the Federal Reserve Board, was $1.98 trillion in October 2003, up from $1.5 trillion in 2000.
Posted on
August 26, 2009
at
5:22 am
The how many people are in debt question is perhaps relative to just how much of the consumers income goes to savings and how much into repayment.According to an article American consumers currently spend 18.1% of their (after-tax) income to cover all debts, with debt service taking the biggest share of income from the lowest-income families.
Posted on
August 26, 2009
at
5:27 am
Did he/she ask how many people are in debt IN THE UNITED STATES? Anyway, in response to x and y: according to The Federal Reserve records, consumer personal savings dropped to 2% of after-tax income in the first half of 2003. I think it means that if that the consumers are going to be living with rising interest rates for a long time. Which translates to additional debts.
Posted on
August 26, 2009
at
5:39 am
How many people are in debt? I suppose this question and the replies pertain to all sectors of society- the low income and the middle income earners alike. With the shift of a lot of high to middle income jobs to parts of Asia - more and more middle class Americans are finding it hard to maintain their former life styles that's why foreclosure, repossessions, and bankruptcies all rose and are still on the rise.And according to studies, the fastest-growing group of indebted consumers are those 65 and older because they can't work anymore and just rely on their Social Security.
Posted on
August 26, 2009
at
5:44 am
I guess the question and answers to How many people are in debt is also related to the number of consumers that are filing bankruptcy.According to the American Bankruptcy Institute personal bankruptcy filings have
"nearly doubled in the past decade, rising 7.4% to more than 1.6 million in the 12 months ending September 30, 2003."When consumers file bankruptcy after 2005, when the bankruptcy code was revised (consumers after which are required to undergo credit counseling), it means that even if they have alternatives to which, they can't help but file bankruptcy. That says a lot about the consumers dire financial situation.
Posted on
August 26, 2009
at
5:48 am
Another difficult question to answer is - since somebody already asked how many people are in debt - and then figures on just how many people file bankruptcy came out - how many of those people who are in debt seek a professional debt relief service, like credit counseling and debt settlement?Are those figures already available?
Posted on
August 26, 2009
at
6:01 am
I've no idea...but the increase in the number of debt relief services in the past couple of years is indicative of just how many people (that are in debt) are finding it difficult to handle their debt issues by themselves.They have to call in the professionals. The answer to the question 'how many people are in debt' may have given birth to the debt relief industry.
Posted on
August 26, 2009
at
8:44 am
It's tough to keep a statistical analysis of how many people are in debt, but over the last year or so those numbers have been on the rise pratly as a result of the fact that the unemployment rate was up and the divorce rate continued to increase (cutting out income for many).
Posted on
August 26, 2009
at
7:55 pm
The sad thing is that with so many people getting laid off over the last 12-18 months is only going to increase the debt issues. For most people who were living paycheck to paycheck prior to being laid off, they won't have anywhere to go, even if they got a job right away. That's why in the end
debt relief services will end up helping as banks want to be able to receive some money.
