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According to the Federal Reserve Consumer Finances Survey an average American in 2004 had a 2.3 thousand dollar debt. 2007 Survey will be released in February 2009, but they predict it will grow to close to 3 thousand per American.
Citation: http://www.federalreserve.gov/pubs/oss/oss2/2004/bull0206.pdf - Stan Kudrow
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What is the monthly savings for the average American?
The combined amount of personal debt in the US is $2 trillion which is about the GDP of England. That means Americans are in debt more than a country earns in a year. And that $2 trillion debt boils down to $117,951 per household. The statistics don't get much better from there. Even though Americans are a hard-working and industrious people they undertake too much debt and save too little. In the 1960s the average American saved 11 percent of their paycheck and in the 1990s it had decreased to 5 percent and then in 2003 it fell to 2.3 percent. However, because of the shaky economy, savings among Americans have risen to between 5 and 7 percent of their disposable income.========Online Savings Account
What was the average personal income in 1960?
In 1960, the average personal income in the United States was around $5,200 per year. Adjusted for inflation, this would be approximately $45,000 in today's dollars.
How many telephone numbers will the average person have in a lifetime?
The average person may have several telephone numbers in a lifetime, including landline numbers, mobile numbers, work numbers, and personal numbers. It can vary greatly depending on factors like technology advances, job changes, and personal preferences.
Is a status or condition where a person's debt is used against them to compel them into providing labor or commercial sex in which the term of their services is not defined nor assessed to their debt?
The term for this practice is debt bondage. It is a form of modern slavery where a person's debt is manipulated to force them into labor or commercial sex work as a means of paying off the debt. The terms of service are not clearly defined, and the individual is often exploited and unable to be free from the situation.
Which countries are not in debt?
There are no countries that are completely debt-free. However, some countries have very low levels of debt compared to their GDP, such as Brunei, Macao, and Liechtenstein.
What is the average personal debt per person?
The average personal debt per person in the US is around $52,000 per person. While this is high, the debt has fallen since the peak in 2008.
On average how much money can you get with a personal loan?
A personal loan is determined by personal debt to credit ratio. Which is only a one factor used to establish eligibility. There is not an average amount. Personal loans are requested for individual needs and can vary.
How can personal debt be transferred to an LLC?
Personal debt can be transferred to an LLC by having the LLC assume the debt through a formal agreement or by using the LLC's assets to pay off the personal debt.
What is the average personal debt asset ratio of individuals?
When people are young and have just purchased a house a personal debt asset ratio of 80% or more is common. For middle-aged people and older a ratio of 50% or less is desirable.
Non business bad debt personal loan?
It's a personal bad debt
What is the average debt for a 22-29 year old?
Average debt is 16,120
What is the average debt for 22-29 year old?
Average debt is 16,120
What is the average debt for 22 29 year old?
Average debt is 16,120
When is the acquisition of personal debt economically wise?
The acquisition of personal debt is wise if it results in long-term savings and security.
What is consumer debt?
Basically they it is a debt related to businesses or other non-personal matter rather than consumer debt which pertains to home, family, personal expenditures, etc.
Which online tool can be used as a personal debt manager?
There are many online tools that can be used as a personal debt manager. These include Debt Coach from the Bills website, Mint, PayDivvy and Expensify.
Where can one find help to control personal debt?
Help to control personal debt can be found at BDO Debt Help, Hardie & Kelley Insolvency, e-Finance, Debt Helpers, Adcroft, Midwest One and Money Sense.
