Americans Owe $2.4 Trillion
Excluding mortgages, Americans owe $2.4 trillion. The average American family is now spending more than 14% of its discretionary income on debt payments. That represents the highest percentage since the Federal Reserve began tracking such numbers in 1980. Houston Chronicle, 11/29/06 as cited in In Other Words
Savings Rate was -1% in 2006
The rate of savings for Americans is at the lowest level since the Great Depression. The nation's personal savings rate for 2006 was negative 1%. Not only are people not saving, they are spending more than they make. --In Other Words, February 2007
Deeper & Deeper in Debt
*Approximately 70% of Americans live paycheck to paycheck.
*Americans now owe more than $800 billion on credit cards.
*Between 2002 and 2005, American homeowners took out $2 trillion in equity from their properties.
--The Total Money Makeover by Dave Ramsey
Near $1 Trillion debt on credit cardsThe Federal Reserve says that Americans now have $920 billion in credit card debt. --12/24/07