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Situation Analysis
By admin | May 7, 2008
Some Statistics that I ran accross recently. This is the situation analysis in our country regarding personal finances.
- 70% of Americans are living paycheck to paycheck
- In 2005 one in 53 households declared Chapter 7 Bankruptcy
- On average, a person will spend 112% more using a credit card than they will if they paid cash (a major factor why one if 53 households declared Bankruptcy)
- 40% of American families spend more than they make each year.
- The average American has over 5,000 dollars in credit card debt that is carried over each month
This is frightening, and what is worst trends seem to be continuing in the wrong direction. This is why I am passionate because I know money can ruin people’s lives and in many cases their eternity (a major reason why I think that scripture addresses it so much).
But it doesn’t have to ruin anything, in fact, the way you handle your money can put you in a position where you are able to live life to the fullest and pursue exactly what you were put on this earth for. There is always hope.