Debt is Deep Within the American Fabric

First, let’s get one thing clear right now . . . YOU ARE NOT ALONE! O.W.D Law represents many people from all walks of life, all ages and all income, from teachers to construction workers to doctors to sales professionals to single parents to even other lawyers. You see, debt is like an illness; it affects people of every age and every income group. So don’t be ashamed, bad debt affects all people.

Consider these revealing statistics on debt in America:

  1. Credit card spending is at an all time high according to The Nilson Report which is a trade paper of the credit card industry. During the first six months of 2002, $920.90 billion in purchases and cash volume was generated by Visa, Mastercard, American Express, Discover and Diners Club, up 8.1% over the first half of 2001. According to this same credit card industry trade paper, delinquencies and charge-offs were also up significantly over last year.
  2. The Federal Reserve reveals that credit card debt in 2002, and household debt in general, is at an all time record high when compared to disposable income. Many analysts are concerned that this unprecedented level of debt poses a significant danger not only to the financial health of American households but our entire economy.
  3. People between the ages of 35 and 54 have credit card balances 5% higher than the median for all Americans.
  4. The Moody’s Delinquency Index, which measures the portion of credit card accounts whose monthly payments are more than 30 days past due, continues to rise every year.
  5. In 2002, the typical U.S. household carried an average credit card balance of more than $7,500 compared to only $3000 in 1990.

Today may be a painful day for you. YOU are the TARGET of creditors and collection agencies. Every time you look at your mail there’s a bill demanding your attention. Maybe you’re afraid of answering the phone or even answering your door.

Or perhaps you’re simply on the verge of your debt getting out of control. You’re starting to wonder, “How can I keep going on like this?” or “Am I going to lose everything?” Maybe you’re making the minimum payments with no end in sight.

If today is painful for you, tomorrow doesn’t have to be. You can end the frustration.