10 Little Known Debt Statistics You Won’t Believe
Americans have a staggering amount of debt that is rooted in multiple causes. As debt settlement experts, we here at Financial Solutions of America think it is crucial to be aware of the state of debt throughout the country. Learning how debt builds on a large scale can shed some insight on your own personal debt, and aid you in the discovery of your own financial solution.
This includes a variety of debt types like student loans, car loans, mortgage loans, and credit card debt.
Most Americans do not have enough money in their savings account to pay for 6-months’ worth of expenses.
Minimum wage has increased 50% from a decade ago.
4. Those earning higher incomes tend to have more debt.
Contrary to what might be expected, those earning more than $50,000 annually tend to have deeper credit card debt.
Many Americans use credit cards to pay hefty bills, like medical care. Making minimum payments leads to rocketing interest rates.
6. An average of 12%-18% more money is spent when you use credit cards.
It’s easy to lose track of how much money you’re spending when it goes to a credit card bill. On top of that, you pay for interest rates and processing fees.
As college tuition prices rise, so do student loan debts. Both have been on the rise since 2011.
As college tuition increases, financial aid and grants are harder to obtain. Those who do receive help often only receive partial aid and still have to take out loans to cover the rest of their tuition.
Increased unemployment rates is the greatest influence at work in this statistic. Many occupations that were formerly mid-wage jobs are now becoming low-wage jobs.
2014 saw $760 million in unclaimed tax refunds from an estimated 918,600 taxpayers.
If you are having trouble keeping up with debt, get in contact with Financial Solutions of America. We can help you settle your debt within as little as 12–24 months. Contact us to learn more about our debt settlement program.