Project Debt Relief Publishes New Infograph on Debt Consolidation Loans
(EMAILWIRE.COM, June 28, 2013 ) Lindenhurst, NY -- A new infograph released by Project Debt says that, according to the Federal Reserve, over 40 percent of American families spend more money than they actually earn, putting them into debt. While America has had a long term love/hate relationship with debt in all aspects including government, consumer debt is at an all time high, which amount to about 2.8 trillion dollars, not including debts associated with mortgages.
2.8 trillion dollars will break down to over 8,000 dollars for every woman, man and Debt Consolidation...How Much can you Save with a Debt Consolidation Loan? child in America. 31 percent of that debt is attributed to credit cards, 69 percent is associated with automobile loans, student loans and other loans to buy boats, trailers, and vacations. It isnt hard to get into debt these days. Now, the average new car loan is around $27,000.
The average person has 13 different form of payment cards from prepaid to debit and credit, accounting for 1.3 billion payment cards circulating in the United States. The include store-specific payment cards and credit cards, such as Sears and Lowes credit cards, which allow users to purchase items in the store and pay it off within a certain amount of time with little or no interest.
In regards to regular credit card debt, Americans make over a trillion dollars in purchases annually. When broken down month-to-month, the average credit card debt is $5,800. If a person only made the minimum payment on the average debt in America, it would cost a consumer an extra $15,000 in interest during the entire 30 years it would take to pay off.
According to Project Debt Reliefs new infograph, credit card purchases cost over 112 percent more than they would have if the consumer had paid cash. This may be because Americans feel they deserve instant gratification and, since the money is available, reason with themselves as to why they deserve the purchase.
Debt consolidation serves the purpose to pay of all debt in one loan with one interest rate and get out of debt without having to file bankruptcy. Consumers choose to consolidate their debt get a lower and secure interest rate, and service only one loan.
For more information about debt consolidation or the new infograph, visit Project Debt Relief today to explore your options.
About Project Debt Relief
Project Debt Relief (http://www.projectdebtrelief.com/) is an online resource for debt consolidation and other financial services, such as bankruptcy, debt counseling and management and the most frequently asked questions about debt. See their newly released Infographic here - http://www.projectdebtrelief.com/how-much-can-you-save-with-a-debt-consolidation-loan-infographic/.
Project Debt Relief
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