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United States and Its Debt Scenario

Debts are a common issue when you are leading a life. But then, if they are not monitored at the right time, then this can affect your life negatively. And if the complete nation is dooming with debt, then there can be nothing worse than it, it can lead to an economic turmoil as well. Even worse, if you don't start clearing your debts from today, then accumulating debt may turn out to be a habit. Financial turmoil will leave you no where and soon you will find out that coming out of debt seems to be a next to impossible venture. Even the most powerful nation like the United States cannot get rid of debts.

On an average there are as many as 185 million people in the United States having credit cards. In fact, on an average one person uses as many as eight credit cards. A survey was conducted in the year 2003, and it was found that on an average the credit card balance of one family is about $9340. The number has improved over one year, as the credit card balance recorded the previous year was $8940. The rate of interest at which they had to pay their credit card bills was somewhere in between 18% to 25%. In addition to this, if you have to pay for other installments or for car loans, personal loans or mortgages, then the annual debt balance can turn out to be as much as $85,000.

Considering the present scenario, you will find that as much as 40 to 60 million people have already lost control on their finances or are soon to do the same. In 2003, the number of people filing for bankruptcy crossed over 1.6 million, which was about 5.23% more than the year 2002. Every year, an increasing number of US citizens find it hard to cope up with their debt related problems, no matter how hard they try to manage their finances. The result may be lack of professional help. Hence, in order to follow a proper budget and keep your finances on track, make sure to sign up with a debt consolidation company. This is one of the simplest way through which you can come out of your debt. The consolidation organizations make a mark for their result oriented services and are of real help for those suffering from debt miseries.

The best part about these debt consolidation programs is that they help you with counseling sessions. In general, these counseling sessions come for free and by participating in them you will come to know about the various ways through you can come out of the debt and lead a stress free life ahead. In fact, the debt consolidation company will also help you manage your finances well and works out a perfect budget. If you follow them religiously, then there's no looking back, soon you will be able to clear your debts in time and lead a tension free life ahead.


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