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More and more people are being swept away in a sea of high-interest credit card bills. Personal debt and bankruptcies are at an all-time high. Families are spending more than they actually earn.

Millions are being robbed of their financial security. This is mainly caused by one thing: Debt. The toll it has now taken on society can only be described as a crisis!

Why? What is it that consumes so many with the urge to charge purchases?

Why do so many live beyond their means—requiring loans and credit cards to survive—thus fueling the credit industry?

Consider the following:

• 50 million credit cards are issued each year.
• Up to 25 million people in America are “two paychecks from the street,” with nearly 15 million just “one paycheck from the street.”
• The average American carries a cumulative credit card balance of $8,562.
• The average family has 10 credit cards.
• 78% of Americans are considered “credit worthy” by the lending industry.
• In 2001, Americans paid over $50 billion in finance charges to creditors.
• Currently, the total consumer debt for Americans is a record $735 billion.
• An average minimal payment is 90% interest and 10% principle.
• There were 1.354 million bankruptcies in 1999 alone.
• In 2001, 1.5 million credit card holders declared bankruptcy—higher than any point in history.
• Almost half of all American households find it difficult to make their monthly payments, and consider bankruptcy a safe option.
• BusinessWeek reports that total household debt—car loans, mortgage, school loans, etc.—passed 100% of the household’s total annual income.
• In the United Kingdom, the average debt per household is £10,700 (GBP)—over $17,000 (USD).
• A Datamonitor’s Consumer Review 2002 study shows that now, more than ever, people are more willing to buy unaffordable prestigious gifts, simply because they can slowly pay for them.

How many of these statistics include you? Have you found yourself making the minimal payments month after month? Have you paid off a car note or mortgage payment with credit cards? Have you found yourself making purchases you knew you could not afford, but just had to make?

If you are an average American, the answer is yes. And, unless drastic action is taken, bankruptcy may one day seem like a healthy alternative for you.

Now for the real question: How can one get out of this dilemma?

You can start by realizing that credit was intended solely for those in need. It is not intended for wants. If you cannot control your spending habits, then you need help. Seek professional "consumer credit" counseling.

The first step on the road to debt recovery is debt consolidation.

"National Institute of Credit Counseling" is a leading provider of financial debt services and a leader in debt consolidation services!. They can be your first step to recovering from debt by consolidating all of your debt under one roof and helping you build a financial plan that will work.

Take steps today to reclaim your personal and financial independence! Their services cannot be beat as they have helped 1,000's with their debt consolidation on their road to debt recovery.

"National Institute of Credit Counseling" has a higher acceptance rate than most, so we highly recommend them.

Visit the Credit Counseling Website


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