Money For Lunch – Debt In America

Debt In America

August 8, 2016 6:45 AM0 commentsViews: 21

 

When discussing the state of personal debt in the United States, the statistics and figures paint a painful and sad picture. Debt has become an inescapable part of the daily life for the majority of the population in the United States; more so, the United States government itself is also highly indebted, to sovereign powers as well as its own taxpayers. Typical Americans find themselves indebted over a variety of concerns and typically average Americans are burdened by more than one type of debt. Whether credit card debt, loans for schooling or medical bills, a mortgage or a car loan, most Americans feature more than one of these on their credit report. The cycle of debt; where meager earnings go directly into paying down debt to levels where further debt can be leveraged, to then pay off either large sums towards debt, or debts that are most pending; plagues the lives of the majority of the United States population.

Some Interesting Facts About Debt in America

Debt is such an important factor in the daily lives of individuals and countries, that vast amounts of data measuring debt in every way and form are available. As mentioned, statistics on debt never paint bright picture, with rising levels a staple feature of every measurement. American credit has been measured to be a massive seventeen percent of the Gross Domestic Product (GDP) of the United States. Comprised of credit card debt, auto loans, student loans, home loans, medical loans and other forms of personal debt, this is a staggering figure.

  • Credit Card Debt- By far the largest portion of American personal debt, credit card debt has been measured to be an average of approximately five thousand seven hundred dollars per household in the United States. Credit card debt is highest in individuals aged between forty five and fifty four and the categories with the lowest figures relating to credit card debt coincide with those categories that are also least likely to own a credit card. A worrying statistic relating to credit card debt is that the greater debt burden comes from those collective categories that coincide with the lowest levels of income. A final tidbit on credit card debt is that men tend to carry roughly two thousand dollars worth of credit card debt than women in the United States.

The Interesting Side of Debt

As we have seen, debt is an almost inescapable aspect of modern life. What is not shown in any of these statistics is the amount of interest paid on these staggering debts owned by Americans. Statistics show that the average American household is paying on average, over six and a half thousand dollars a year in interest. As a follow up, that amount represent nine percent of the average household income in the United States. Many Americans are severely burdened and unable to save by this crippling interest that hounds them monthly. The average interest rate on a credit card up upwards of twenty three percent, interest rates on fast credit loans are similar. The average American often finds it difficult to juggle the various debt payments that are regularly due at the end of every month. Many Americans find themselves in difficult situations not because of the actual debt owed, but interest payments which rise with the slightest slowdown in payments.

Miller Stark Klein- Debt Specialists

Miller Stark Klein is a professional debt collection agency, specializing in assisting small businesses in the collection of delinquent debts. Miller Stark Klein has a staff of proven professionals as the core of their business operations. Staffs are given extensive training in all aspects of the processes pioneered at Miller Stark Klein. Miller Stark Klein has a strong commitment to ethics, professionalism and courtesy that is regularly reinforced through training and staff meetings. Miller Stark Klein has been in the business of debt collection for over seventy five years and has a wealth of expertise and knowledge in the field.

What Can Miller Stark Klein Do For Your Business?

Miller Stark Klein has a variety of services geared towards the collection and healthy resolution of debts from delinquent customers. Miller Stark Klein involves and listens to the indebted customer, working with them to achieve a situation where bills are paid in full. Miller Stark Klein specializes in the following debt recovery services:

  • Medical Collections
  • Bad Check Recovery
  • Pay Day Loans
  • Student Loans
  • Credit Card Debt
  • Retail Accounts
  • Automobile Loans
  • Personal Loans
  • Consumer Loans
  • Business Loans

Miller Stark Klein is best placed to aid small businesses in troublesome debt recovery in all of the above fields, as purchasing and selling debt. Visit today at http://millerstarkklein.com/ to find out how they can help you with your debt recovery.

 

 

Why Choose Miller Stark Klein

Debt collection can be a tiring and fruitless endeavor for many firms and small businesses. The resources necessary to track down bad debts; encourage bad debtors to pay their debts and the negative response often received when attempting to reclaim debt can stretch out a business’s finances and personnel beyond acceptable limits. With these difficulties in mind, this is why you should choose to have Miller Stark Klein, a professional in the field of debt collection, handle the recovery process for your outstanding debts. Miller Stark Klein is a reputable and credible debt recovery and mediation firm that specializes in processes that work with debtors to ensure dignity and good relations are preserved while maximum debt repayment is realized. https://www.crunchbase.com/organization/miller-stark-klein-and-associates#/entity”

 

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