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The Current State of Debt

While understanding the current state of debt is interesting and important, it is much more important that you know your current state of debt. But first let's find out "How You Got Into Debt". To learn more about debt and continue reading by clicking here; How You Got Into Debt






  • $84,454 is the average household's personal debt, including mortgages, cars loans, credit cards, and other personal debt. (Source USA Today Oct. 4, 2004)
  • $473,456 is the average household's share of government debt, including Mdedicare and Social Security (Source USA Today Oct. 4, 2004)
  • 27.3 million Americans have been victims of identity theft, which can lead to debt and credit problems, in the last five years. (Source FTC 9-3-2003)
  • The average undergraduate finishes school with $18,900 in debt. This includes student loans and credit card debt. (Source Nellie Mae 2-6-2003)
  • Total credit balance from 1996 to 2000 increased an average of nearly 9% per year to a total of $633,000,000,000.
  • Americans today have over 1,000,000,000 credit cards.
  • USA Today reports that, of the 23 greatest fears identified by Americans today, #3 was inadequate Social Security, and #4 was not enough money for retirement.
  • American Express Financial Services reports that Social Security will account for only 27% of the average retiree's income.
  • A survey by the Consumer Bankers Association found that, within a year, 70% of the people who had shifted credit card balances to home equity, were again running up credit card debt.
  • Citibank's Platinum Select's rate can soar to prime plus 12.9% after a single late payment to Citibank or any other creditor.
  • Researchers at Sanford C. Bernstein, a securities firm, points out that household debt in the 1990's grew at a rate 2% a year faster than their income.
  • According to the National Board of Realtors the average homeowner stays in their home for 7.1 years (1993 statistics). With an 8% mortgage, they will sell their home still owing over 90% on their mortgage.
  • Only 2% of American homes are paid for.
  • For the period ending June 30, 1996, personal bankruptcies in a 12-month period exceeded ONE MILLION for the first time ever.
  • In 1997, there were more than four million home equity loans, totaling $268 billion, nearly 50 percent higher than in 1992, just five years earlier".
  • Making the minimum payment on a $4,800 balance at the average interest rate of 17%, it would take you 39 years and 7 months to pay off. You would pay $10,818.63 in interest alone, and a total of $15,619 for the privilege of charging the $4,800.
  • On average the typical credit card purchase is 112% higher than if paying cash.
  • Over 40% of U.S. families spend more than they earn
  • The average household has 7 credit cards.
  • The average household has a total credit card balance of approximately $25,800
  • Typical minimum monthly payment is 90% interest and 10% principle
  • Sixty Five% of all credit card accounts have only the minimum payments amounts being made by consumers.
  • Americans paid out approximately $65 billion in interest last year alone.
  • The record number of bankruptcy filings was 1.44 million in 1998 until 1.49 million were filed in 2001.

current state of debt

To find out the current U.S. national debt Click Here.

public debt

If you want more information on the United States public debt go to the Bureau of the Public Debt. Did you even know there is a Bureau of Public Debt? Well there is and the information is fascinating.

While understanding the current state of debt is interesting and important, it is much more important that you know your current state of debt. But first let's find out "How You Got Into Debt".


"Thank you for your help and resources. I had no idea how to handle my creditors until I found your website. Yes, there is light at the end of the tunnel!

(2nd Grade School Teacher, Washington)

"I appreciate your helpful information. We were able to work out a deal that is a win win situation for me and my debt collector's. Thank you so much.
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Debt Calculator

See how long it will take for your debt to get paid off with one of these four options. We have listed a standard debt amount as a default on the debt calculator. You will need to enter your current personal or business debt amount below to see what your debt payoff amounts will reflect.

What's Best For You: Minimum Payments?

Debt Consolidation?

Credit Counseling? Debt Settlement?
Total Unsecured Debt $30,000.00 $30,000.00 $30,000.00 $30,000.00
Months To
Get Out Of Debt
430 60 60 36
Interest Rate 18.9 % 12 % 10-12% Ave None
Total Interest Paid $49,978.53 $10,040.01 $21,300.00 None
$900.00 $667.33 $855.00 $458.33
Total Cost
To Be Debt Free
$79,978.53 $40,040.01 $51,300.00 $16,500.00
Monthly Payments   Months To Get Out Of Debt   Total Cost To Be Debt Free
Minimum Payments Debt Consolidation Credit Counseling Debt Settlement
Enter Your Debt Information Here:
Your Total
Unsecured Debt:
Your Average
Interest Rate:
Months To
Be Debt Free:


PLEASE NOTE: This calculator gives you an estimate of how much it will cost you to get out of debt, how long it will take and how much your monthly payment may be with the different options to pay off your debt. Keep in mind "Minimum Payments" assumes you NEVER make any further purchases on your credit cards and the credit card companies NEVER raise the interest rate on your cards in the future from the rate calculated above. The "Debt Consolidation Loan" example is usually only possible when taking out an "equity line of credit" or "second mortgage", which involves securing your unsecured debt with your home. This is a very risky option for most people because the home could be foreclosed if you cannot make the payments.