35 Percent Of Americans Are At Least 180 Days Past Due

Many of us have found the last eight years to be very tough financially – I had a record year in my business 7 years ago. The following year, things started to slow down and things have been tougher each year since then.  After a major health crisis last year which quite literally decimated my small business – I’ve had to struggle to keep even more than normal to pay every bill. Its truly crazy to have to struggle so much and I’m very aware that I’m not alone in this struggle. The statistics in the following article were definitely eye opening and I had to share it. Please take a few minutes to read it – I’ve been watching the election coverage and the rallies. The idea of creating jobs, rebuilding a strong America and finally increasing our economy is music to my ears —

Drowning In Debt: 35 Percent Of All Americans Have Debt That Is At Least 180 Days Past Due

More than a third of all Americans can’t pay their debts.  I don’t know about you, but to me that is a shocking figure.  As you will see below, 35 percent of the people living in this country have debt in collections.  When a debt is in  collections, it is at least 180 days past due.  And this is happening during the “economic recovery” that the mainstream media keeps touting, although the truth is that Barack Obama is going to be the only president in United States history to never have a single year when the economy grew by at least 3 percent.  But at least things are fairly stable for the moment, and if this many Americans are having trouble paying their bills right now, what are things going to look like when the economy becomes extremely unstable once again.

The 35 percent figure is a nugget that I discovered in a CNN article about Detroit that I was reading earlier today

And the city’s troubles have left a mark on the financial stability of its residents in a big way, according to a new report from the Urban Institute.

About 66% of residents have debt in collections — meaning more than 180 days past due — at a median amount of $1,847. Across the U.S., 35% of Americans have debt in collections.

It is hard to believe that 66 percent of the residents of one of our largest cities could have debt in collections, but without a doubt the city of Detroit is a complete and utter economic wasteland at this point.

But to me, the 35 percent figure for the nation as a whole is a much greater concern.

And much of the debt that is in collections is credit card debt.

In the immediate aftermath of the last financial crisis, many Americans started getting out of debt, and that was a very good thing.

Unfortunately, that trend has completely reversed itself over the past few years, and now credit card balances are rising at a pace that is quite alarming

Using data from the U.S. Census Bureau and the Federal Reserve, ValuePenguin found that the average credit card debt for households that carry a balance is a shocking $16,048 — a figure that has risen by 10% over the past three years. At the average variable credit card interest rate of 16.1%, this translates to nearly $2,600 in credit card interest alone. And many credit cards have interest rates much higher than the average.

Even scarier, consider that based on the average interest rate and a minimum payment of 1.5% of the balance, it would take nearly 14 years for the typical indebted household to pay off its existing credit card debt, at a staggering cost of more than $40,200. Keep in mind that this assumes no additional credit card debt is added to the tab along the way.

Those that have been there know exactly how it feels to be drowning in credit card debt.

You know, they don’t teach you about credit cards in high school or in college.  At least they didn’t in my day.  So once I got out into the “real world” and discovered the joy of instantly getting whatever I wanted with a credit card, I didn’t understand how painful it would be to pay that money back someday.

If you have credit card balances that are out of control, they can keep you up late into the night.  The worry and the fear can eat away at you like a cancer, and many people play a game of moving balances from one card to another in a desperate attempt to stay afloat.

Fortunately I learned my hard lessons at an early enough age to get things turned around.  Now I warn others about the danger of credit card debt through my writing, and my hope is that the things that I share on my websites are doing some good for others that may be struggling financially.

When you are deep in debt, it is exceedingly difficult to build up any wealth of your own.  This is one of the primary reasons why 69 percent of all Americans have less than $1,000 in savings today.

In essence, more than two-thirds of the country is living paycheck to paycheck, and that is a recipe for disaster when the next major economic downturn in the U.S. strikes.

Overall, household debt in America has now reached a grand total of 12.3 trillion dollars.  When you break that down, it comes to $38,557 for every man, woman and child in the entire nation.

So for a family of five, your share of that total would be $192,785.

And remember, that is just household debt.  That total does not include any form of business debt or any form of government debt.

We truly are a “buy now, pay later” society.  We were the wealthiest and most prosperous nation on the entire planet, and previous generations handed us the keys to the greatest economic machine in world history, but that wasn’t good enough for us.

We always had to have more, more, more – and now we have accumulated more debt than any society in the history of the globe.

It is inevitable that this giant debt bubble is going to burst.  Anyone with an ounce of common sense can see that.

What we experienced in 2008 was just a preview of the hard times that are coming.  The next recession is going to be even worse, and most economists are convinced that it will happen within the next four years no matter who is elected president in November.  The following comes from the Wall Street Journal via the Calculated Risk blog

Economists in The Wall Street Journal’s latest monthly survey of economists put the odds of the next downturn happening within the next four years at nearly 60%.

Just like the last time around, millions of those that are “living on the edge” financially will fall out of the middle class and into poverty when they lose their jobs.

Hopefully most of you that have been reading my work for an extended period of time have already been getting out of debt and have been building up a financial cushion.

Sadly, most of the country continues to act as if they are living in a pre-2008 world, and the economic wake up call that is coming is going to be incredibly painful for those that thought they could get away with being exceedingly reckless financially.

Originally posted on the Economic Collapse Blog – http://theeconomiccollapseblog.com/archives/drowning-in-debt-35-percent-of-all-americans-have-debt-that-is-at-least-180-days-past-due

Trump – What Difference Can One Person Make

With all the distractions being thrown out in the 2016 presidential campaign, I spotted this copy and paste in the comment section of a friend’s Facebook page and I had to share. It makes a lot of great points. Hateful comments will be deleted.

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“Last night a friend claimed that Donald Trump wouldn’t make a good president; he is brash, he is racist, he is a loudmouth; you know the normal things people learn to recite after being programmed by television news. The one I loved was that, “Trump is arrogant.” My friend questioned if one man could make “that much difference in the world today.” To my friend’s credit, she was respectful enough to let me respond when she asked, “Really, what has Trump done?”

I said, “In June of last year, Trump entered the race for president. In just a little over a year, Trump has single handedly defeated the Republican party. He did so thoroughly. In fact, he did so in such a resounding way that the Republican Party now suffers from an identity crisis. He literally dismantled the party. Trump even dismantled and dismissed the brand and value of the Bush family.

Trump has Obama petrified that Trump will dismiss programs that weren’t properly installed using proper law.

Trump has single handedly debunked and disemboweled any value of news media as we knew it—news now suffering from an all-time level of distrust and disrespect.

Trump has leaders from all over the world talking about him, whether good or bad. Trust me, powerful men who have been president before weren’t liked by the global community. I doubt Mikhail Gorbachev liked Reagan when Reagan said, “Tear down that wall.”

Trump has expressly disclosed the fraud perpetrated on the American public by Hillary Clinton. He has, quite literally, brought Hillary to her knees—if you believe that nervous tension and disorders offer physical side effects and damage.

Trump has unified the silent majority in a way that should be patently frightening to “liberals.”
As the press accuses Trump of being a house of cards, Trump has proven the press is the real house of cards. He has whipped up the entire establishment into pure panic. Trump has exposed them for who they are and worse, what they are. George Clooney was right when he said Trump draws live news coverage of his podium that he’s not yet approached. Thanks, George, you were perfectly correct.

What we see as headline news today are actually the last bubbles from the ship that is now sunk—meaning the standard news media, as a propaganda machine, has been exposed. They have no more value.

In the same way Trump asked the African-American community this question, I asked my friend, ”At this point, what do you have to lose?” We have mass cop shootings, riots in our streets, ambushed cops, double digit inflation, bombs blowing up in our cities, targeted police, #BLM, a skyrocketing jobless rate, no economic growth, privately owned land being seized by the federal government, the worst racial tension in my lifetime, no God in schools, more abortions than ever, illegal aliens pouring into our country, sick veterans receiving no care, and a debt that doubled in seven years to $19 trillion. Are you really happy with the condition of the current system?

One man has done all of this in one year—one guy, and on his own dime. And with everything I’ve written above, you believe Trump hasn’t done anything? You claim that you are afraid of Donald Trump? No wonder we’re in trouble. You can say that Trump is a lousy presidential candidate. That’s your right. Just don’t ever say he’s not effective.

That Megan Kelly, FOX News, CNN, MSNBC, Washington Post, Rachel Maddow, the Huffington Post, the New York Times, Raleigh’s News and Observer, the AP, Don Lemon, Jake Tapper, and many more, failed to implement their collectively orchestrated lie on the American people against Trump, is actually a massive testament to Trump. The press colluded pure propaganda to accomplish his demise … and they have collectively failed and miserably.

Here’s just one example of how badly America is injured right now. There are high school football players on their knees during the national anthem simply because the press used as propaganda to program those kids to do that very thing. But, these kids are mimicking NFL stars the same way the same kids chooses which brand of football shoe to purchase—they’re overtly brain-washed to do that very thing.

Now, we have a generation of children who hate America.

America’s problem isn’t that little children are on their knee in collective disrespect of America. Our problem is that America is on her knee from collective disrespect by Americans.

You can disrespect America all you want. But, it’s high-time you respect the silent majority.

Because they’re not simply the “silent majority” as you’ve been trained to believe when Hillary calls them “deplorables.” The fact is, they are simply the majority. And now they’re no longer silent either. Donald Trump changed all of that, single-handedly and within one year.” From Be Forbes.”

9/29/2016 , this is a copy and paste, and needs to be read and spread!!

I just found this on his Facebook page and on that page alone there are over 13,000 shares but that doesn’t include copy and paste copies. I just wanted to make sure he doesn’t mind it being shared and from the comments I found – he doesn’t mind at all.