Interesting Statistics

A 30 year old would need to save 11% of their income per year to retire with 70 % of their current income (T. Rowe Price) The sad truth is, in July of 2005, the after tax savings rate in America fell below zero percent to a negative rate of after tax savings due to personal debt.

USA today reports by 2015, $1 out of every $5 spent in the U.S will go for health care. The nation will spend about $12,320 per person annually on health care by 2015.

Bankruptcy

In an average working day, there are 6,310 new cases filed. About one-third of the cases are joint filings by married couples, so at least 8,000 individuals declare bankruptcy in a given day.

In a typical working day 4,400 file on a typical day there are about:

• 133 who owe at least $75,000 in credit card debt
  
  
• 191 who owe between $50,000 and $75,000 in credit card debt
  
  
• 32 with over $50,000 in medical debt
  
  
• 18 who owe at least $500,000in unsecured debt
  
  
• 500 who are either retired or disabled
  
  
• 200 who are age 70 or older

Each working day, 1,823 new chapter 13 cases are filed.
(U.S Department of Justice 05/2003)

The average student loan debt in America is over 21,000 (Nellie Mae Corporation).

According to the Federal Reserve board the Average credit card balance is $1,900, the average household credit card debt is $9,000 and the average household has 7 credit cards according to myfico.com.