Debt is a fact of life in America, making debt relief a national obsession. A search for debt relief on Google pulls up over 34 million pages; on Yahoo and MSN, the total is over 12 million pages.
The average American household has $9,300 of credit card debt, but the share of income going to lower credit card debt has fallen to 0.3 percent.
The increase in personal debt cant all be blamed on overspending. After adjusting for inflation, wages have been flat for the past five years while the cost of essential goods and services like housing, food, medical care and transportation have risen over 11 percent according to the Federal Reserve Board’s most recent Survey of Consumer Finances.
Housing Debt
Based on this study, the Washington Post recently reported that,
The debt of the typical American family earning about $45,000 a year rose 33.1 percent from 2001 to 2004, after adjusting for inflation Housing debt has climbed notably because home prices have risen and people have borrowed against the equity in their homes. From 1989 to 2004, for example, the median mortgage debt more than doubled, from $46,900 to $96,000.
This...
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