Financial One is experienced with providing solutions for our members, especially those suffering from debt. Though our economy has shown some improvement over the last few years, many people still struggle financially. These statistics highlight the trends and troubles with the way people in our economy use their money. Some of these financial statistics should certainly shock you!
The student loan debt in the US increases at a rate of $2,853.88 per second
According to businessinsider.com, “The average student loan is $23,186. Americans collectively owe more than $875 billion on student loans – which is more than the nation’s credit card debt.” As our nation’s next group of leaders, this statistic is particularly troublesome.
Only 58% of Americans Have a Credit Score Over 700
The national average credit score is 692. This is a problem because your credit score needs to be good enough if you want to acquire a home loan, car loan, or new credit card. Having a score over 700 is the cut-off for many industries.
You can save $112,000 over a lifetime by bringing your lunch to work
And that amount could be substantially more if you saved that money in an investment vehicle, like the stock market. Those little purchases really add up! What would you do with an extra $100k?
61% of Americans live paycheck to paycheck
That is up from 49 percent last year, according to Money magazine's audience poll. But what is most alarming: more than one in five of those living paycheck to paycheck earn a salary of $100K or more.
43% of those who lent money to family or friends were not paid back in full
Ownthedollar.com provides us with this statistic, explaining that a whopping 27% hadn’t received a dime in repayment after loaning loved one’s cash.
Everyone has made poor money decisions at some point or another in their lives. Of course, moving towards a solution is what matters most. Financial One can help! Please stop in and see us today to get yourself back on a comfortable financial track.