According to SB Wire, “U.S. citizens have taken up to $11.38 trillion consumer debt [in 2012].” These consumer debts result from outstanding expenditures that exceed consumers’ income. There are two main types of consumer debt that stimulate economic growth: revolving debt (i.e., credit cards), and non-revolving debt (i.e., auto loans or mortgages). Americans owe a combined total of $1.944 trillion in school, auto and furniture loans, alone.
Meeting the minimum monthly payments of your credit cards is like running on a financial treadmill. Sure — we’re all guilty of it; whipping out the ole’ credit card whenever cash is tight. In the long run, however, all those card swipes do count: if a cardholder made a minimum payment of $200 each month for a $5,000 credit card balance with an 18.9% interest rate, it would take 11 years and 5 months to finally pay off! When factoring in interest, the total credit card results come with a $8,109 price tag.
Over 80 percent of medical students and physicians are in debt. Check out the infographic below presented by StudentDoctor.net to see the numbers and how it affects medical professionals’ life decisions.
Options Credit was sitting around wondering how many ways people could use their credit cards after their debts were paid off. So they started blurting out ideas and ended up with this “visual” list of 51 ways to use a credit card after your debts are paid off.
Just about everyone has debt, and it’s not hard to see why. With living expenses always increasing, credit cards that have exorbitant interest charges attached to them, as well as the number of things that crop up during daily life, nearly everyone has debt in some form or another. The question is, what do you do about it? Canadian Mortgages aims to help you answer this question in the infographic below.
More and more people are asking their dates for their numbers…not phone numbers, credit score numbers! These people know that like it or not, a credit score can tell a lot about a potential partner and they want to eliminate risky relationships before they even start. In the following infographic by CreditResource.com, you’ll find out what these credit savvy daters know and you’ll see why it’s important to ask for your date’s credit score rating. Before you invest time, emotions and money into a relationship, find out if your credit scores are compatible.
The burdens of bad credit. Neglecting credit card and utility bill payments may temporarily relieve financial account-abilities, but is it worth the risk of paying the ultimate price in bad credit? Learn more in the following infographic from Go-AAGP.Org.
American income inequality has returned to the 1920s levels. With more and more Americans filing bankruptcy to get out of debt, many are wondering if the cycle will continue and usher in another Great Depression. Learn more in the infographic below by Total Bankruptcy.
Do you ever flip to Bravo’s Real Housewives and think that these people shouldn’t be spending that kind of money in this kind of economy? Little do they know, many of these real housewives will be spending a considerable portion of their remaining wealth on a bankruptcy attorney. The following infographic from Total Bankruptcy takes a look at this scenario.
Bankruptcy is on the rise in this country, with over 1.4 million people filing in 2011. The following infographic by Total Bankrupcy highlights what kinds of debts are leading people toward bankruptcy. Should you or someone you know have questions about bankruptcy law and how it relates to finances, consider speaking with a bankruptcy attorney.
Debt is not a pretty word by any means. More often than not, the word itself brings about increased stress, elevated blood pressure, and tension headaches to those who are struggling with debt. The economy has definitely seen better days and more people are turning to credit cards and/or loans to help ease the financial pinch. This course of action can sometimes lead to an unhealthy amount of unsecured or even secured debt.
Current statistics show the UK debt level for outstanding personal debt stands at a mind boggling £1.458 Trillion. But it’s hard to understand where these debts can be attributed to. The infographic below by Harrington Brooks shows a segmented view of individual UK debt.
Debt, debt, and more debt. Not only is the United States in terrible debt, but many Americans have the looming debt cloud above them as well. The start of it all for many is student loans. Then it seems to go downhill from there. This infographic, courtesy of paydayloan.co.uk, illustrates how the average joe falls into debt so easily.
The national debt is obviously a problem. A $15.7 trillion problem to be exact. Yet, it seems not much is being done to change it. So the question is, could online gambling be a solution for the USA’s national debt? This infographic presented by casino.org highlights the benefits of gambling in the US and how it very well could help with our staggering national debt.