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  1. #1 Where Do People Have the Most Debt? 
    Where Do People Have the Most Debt?

    Published February 04, 2011

    | Reuters

    Americans are still up to their ears in consumer debt, with Delawareans topping the list with an average per-person debt load of a whopping $20,233, a report by debt relief company CareOne Services shows.

    The company ranks the 10 states with the highest and lowest average consumer debt levels based on a survey of 135,000 people enrolled in debt management programs in 2009 and 2010.

    Most alarmingly, it found that even those in California — the state with the lowest debt level — carry more than $12,000 in debt; in fact, residents in all states still carry an average debt load of more than $10,000.

    But debt-plagued consumers might not be who you think there are, says Mike Croxson, president of CareOne. He says the typical person calling for help is a female in her mid-30s with a household income of about $37,000 and some college education. Sixty percent of the time she’s a homeowner.

    “These are average, hard-working American people who have been juggling their finances--and then something happens,” says Croxson. “Someone loses a job, they get divorced, their car engine blows up. All the balls that were up in the air drop. They have no clue how to pick them up.”

    The root of debt accumulation usually stems from one of these three things, he says: people using credit as a gap-filler instead of adjusting their standard of living; using a credit card to pay for an emergency but never fully paying down the balance; or “chronic unconscious incompetence,” a vicious cycle of spending without ever thinking of the consequences.

    “People just do what they’ve always done — they spend and they pay, they spend and they pay and they don’t really know what they’re doing,” Croxson says.

    Here are some signs you might be in over your head:
    More at the link.

    Read more: http://www.foxbusiness.com/markets/2...#ixzz1D1S824o0
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  2. #2  
    Zoomie djones520's Avatar
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    The wife and I just erased $3,000 worth of our debt today. Including a collateral loan that I've been annoyed with for a couple years now. That was kinda nice.

    I bought a boat too!:D
    In most sports, cold-cocking an opposing player repeatedly in the face with a series of gigantic Slovakian uppercuts would get you a multi-game suspension without pay.

    In hockey, it means you have to sit in the penalty box for five minutes.
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  3. #3  
    Quote Originally Posted by djones520 View Post
    The wife and I just erased $3,000 worth of our debt today. Including a collateral loan that I've been annoyed with for a couple years now. That was kinda nice.

    I bought a boat too!:D
    For cash, right? ;)
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  4. #4  
    PORCUS MAXIMUS Rockntractor's Avatar
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    Quote Originally Posted by djones520 View Post
    The wife and I just erased $3,000 worth of our debt today. Including a collateral loan that I've been annoyed with for a couple years now. That was kinda nice.

    I bought a boat too!:D
    Need pic of boat, can be picture of different boat of same kind.
    The difference between pigs and people is that when they tell you you're cured it isn't a good thing.
    http://i.imgur.com/FHvkMSE.jpg
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  5. #5  
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    Getting out of debt increases your happiness factor by a 1000%.
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    Zoomie djones520's Avatar
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    Quote Originally Posted by Gingersnap View Post
    For cash, right? ;)
    Yeah, bought it from my Grandfather. $2000 for a 12' Aluminum fishing boat, with all the trimmings, trolling motor, fish finder, etc....
    In most sports, cold-cocking an opposing player repeatedly in the face with a series of gigantic Slovakian uppercuts would get you a multi-game suspension without pay.

    In hockey, it means you have to sit in the penalty box for five minutes.
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  7. #7  
    Zoomie djones520's Avatar
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    Quote Originally Posted by Rockntractor View Post
    Need pic of boat, can be picture of different boat of same kind.
    I'll have one in April when I can pick it up. Still need to get a hitch attached to my SUV before I can even tow it around.
    In most sports, cold-cocking an opposing player repeatedly in the face with a series of gigantic Slovakian uppercuts would get you a multi-game suspension without pay.

    In hockey, it means you have to sit in the penalty box for five minutes.
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  8. #8  
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    “chronic unconscious incompetence,” a vicious cycle of spending without ever thinking of the consequences...........
    Dontcha just love that term? Some people are chronically incompetent, some just unlucky, and others just lucky. Sometimes it's hard to tell who's who, too. Gotta look closely.
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    Senior Member Tecate's Avatar
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    Quote Originally Posted by lacarnut View Post
    Getting out of debt increases your happiness factor by a 1000%.
    I've been completely debt free for a little over 5 years now.

    Something weird happens when you reach that point, especially after carrying debt for a long time. It caused me to start saving money at a rate I never thought imaginable.
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  10. #10  
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    Quote Originally Posted by Tecate View Post
    I've been completely debt free for a little over 5 years now.

    Something weird happens when you reach that point, especially after carrying debt for a long time. It caused me to start saving money at a rate I never thought imaginable.
    Same here. Been nothing but gravy since.
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