Statistics and Stuff
Young Families in Debt: Spending habits of young married couples with children (both
spouses 18 to 25): Average after-tax income, $19,783. Average annual spending, $21,401.
(They are spending
around 8% more than they make.)
Family Economics Review, quoted in U.S.A. Today, May 20, 1991, p. D1.
Personal debt in the U.S. is increasing at the rate of $1000 per second and consumer
installment debt has mushroomed to a point where it takes approximately $1 out of every $4
that consumers earn after taxes to keep up the payments--not including the home mortgage.
For over 250,000 Americans, the burden of debt is so great that he/she declares
bankruptcy. There are even more serious consequences of this financial tension created by
debt: 56% of all divorces are a result of financial tension in the home.
Howard Dayton in Homemade, June, 1986.
A man called the police and reported that all of his wife's credit cards had been
stolen. Then he added, "But don't look too hard for the thief. He's charging less
than my wife ever did."
The only reason a great many American families don't own an elephant is that they have
never been offered an elephant for a dollar down and easy weekly payments.
A man was once boasting to an acquaintance, "We have a whole room full of
furniture from France that goes back to Louis the 14th." "That's nothing,"
replied the other. "We've got a whole house full of furniture from Sears that goes
back to Harry on the first."