Welcome to Strategies for Life. This blog is dedicated to sharing ways to improve your life from finances to health, relationships to family, telecommuting to getting rich. The posts range from making money online to starting a home based business, getting out of debt to saving for retirement. Resources on working at home, paying for college tuition.
Tuesday, March 13, 2007
Are you an average American struggling with debt and more debt
Are you and Average American Struggling With Debt
Did you know that in 2005 Americans had $2.2 trillion in total consumer debt, more than twice the consumer debt that they had in 1994. That doesn't even take into account the amount of debt our government has racked up. On top of that, the average personal savings rate in the United States in 2005 was -0.5% which was the first time this rate has dipped below 0% since the Great Depression? Unfortunately we are a have it now society and we incur a lot of debt. This all forces the next point, 70% of American workers plan to work into retirement. Unfortunately, 40% of the future retirees will end up having to leave the work force earlier thank expected due to health problems, disability or company downsizing. Coupled with all of this the average American had $12,000 in home equity loans that was needed to pay off credit card debt.
So with all that whats a person to do. Fortunately that is what this blog is all about. Check out the following articles about these challenges.
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