Debt Consolidation Depot
Debt Consolidation & Financial Information Resource Center
January 14, 2004
Groton, VT (PRWEB) -- It was December 25, the presents were unwrapped and
the Christmas cheer passed around—six days later, as the world witnessed the
turning of another year, the inescapable reality of holiday debt began to
weigh heavy upon the heart of America. Debt has become a powerful movement
in American culture and for many, is causing concern for the future
stability of the U S economy.
“Consumer debt has more than doubled in the past 10 years” and to the tune
of a “record $1.98 trillion in October 2003” according to Eileen Alt Powell
a Business Writer for the Associated Press. Powel points out in her news
release Americans build mountain of debt, savings rate slides “The nation's
credit card debt currently stands at $735 billion, or nearly $7,000 per
household. And since about 40 percent of card users pay their balances in
full each month, the per capita card debt of those who carry balances is
closer to $12,000.”
Gene Jolley, President of Kingdom Financial Principles (KFP) and creator of
the Rapid Debt Reducer software, knows the difficulties families face when
struggling with debt. “I see it all too often in seminars; people in their
late 40’s and 50’s realizing that they need to do something to prepare for
retirement. For many it is too late. By the time they pay off that last
equity line, credit card, new car, etc, they have nothing more to save.”
Jolley also knows that people genuinely try to avoid bankruptcy, yet
according to the American Bankruptcy Institute consumer bankruptcies since
1996 have exceeded 1 million a year. The alarming statistics show that for
the year 2002 bankruptcies hit a record of 1.54 million and in the first
nine months of 2003 have already reached 1.25 million.
What’s causing this ocean of debt in America? Some believe it’s the result
of greed where financial institutions have for several generations made the
possession of credit cards easy for those previously denied such credit.
Others believe massive advertising campaigns have enticed consumers into a
spending frenzy unparalleled in history. Some say it is a phenomenon where
an attitude exists believing material possessions will not only bring
happiness but is, in fact, owed them. Howard Dvorkin, president of the
nonprofit Consolidated Credit Counseling Services in Fort Lauderdale,
Florida, says the Depression generation is giving way to another generation
who has lost their [Depression generation “values” and their sense of
“thrift” when it comes to consumer spending. To some degree it is all these
and more.
What can be done to stem this tide of debt? Education is the answer. Across
America financial advisors and consultants like Gene Jolley are preparing
the economic futures of families and individuals fed-up with debt. They’ve
had enough of the “buy now—pay later” mentality and are learning again the
tried and true values of thrift and savings. As Jolley says; “Why buy stuff
you’re only going to use once and then store in the garage?”
http://www.solongbills.com
http://www.RapidDebtReducer.com
© 2004 DebtConslidationDepot.com