New Consumer Debt Statistics
|January 4, 2002||Posted by Staff under Progress Report, The Progress Report|
Happy Days for Lenders
Consumer Installment Credit Statistics
Time for a change of pace. Here is a recent government report with a boatload of statistics. It’s all about consumer credit — that is, money that people owe for things other than houses.
These debts all need to be repaid, and meanwhile finance companies are pulling in a lot of interest payments from the loans, which total well over a trillion dollars.
Of course, we’ve had seven years of prosperity since the last recession, so there’s no doubt that all debts will be settled, right? But last year set a record for the number of personal bankruptcies filed! This year may break that record.
So have a look at the numbers and see what they say to you.
Just click here.
Is consumer debt a concern? If it’s too high, what can be done to bring it down? Let us know!