Who is in control of your money? Hum, if you had to think about it you probably fall into the same category as the majority of Americans. You have no financial direction, living paycheck to paycheck.
United States of America (Press Release) April 8, 2008 --
Who is in control of your money? Hum, if you had to think about it you probably fall into the same category as the majority of Americans. You have no financial direction, living paycheck to paycheck, living on credit, and living the big lie. Your life is a lie the bank and credit card companies everything you live for.
Payday lenders grossed $28 billion in 2005, and 90 percent of that came from “flipping” or re-lending to existing borrowers. Needing only a checking account and pay stub to qualify, nine out of ten payday borrowers take out five or more loans a year, and 62 percent sign up for more than one a month. To pay off a $325 loan, the average payday borrower shells out $793 and pays 400 percent interest. The Center for Responsible Lending noted that payday loans “sink borrowers into debt that can be as difficult to escape as quicksand.”
Bankruptcies are at an all time high Consumer Debt is over 2.7 Trillion dollars and most of us save less than 1% of our income. 60% of working Americans experience moderate to high levels of financial stress and, most of us believe it is getting worse. A Parenting Magazine poll indicated that almost half of Americans don't have enough savings to cover one month’s expenses. The sad part about it most of us aren’t doing anything about it.
These presentations are designed to provide accurate and authoritative information in regard to the subject matter covered. It is given with the understanding that the publisher is not engaged in rendering legal, accounting, counseling or other professional service. If legal advice or other expert assistance is required, the services of a competent professional should be sought.
Here at the Xtreme Living Network we facilitate information that we hope will help change the way you think about money. Visit our Pod Cast channel to listen to the Xtreme Money Minute.
Payday lenders grossed $28 billion in 2005, and 90 percent of that came from “flipping” or re-lending to existing borrowers. Needing only a checking account and pay stub to qualify, nine out of ten payday borrowers take out five or more loans a year, and 62 percent sign up for more than one a month. To pay off a $325 loan, the average payday borrower shells out $793 and pays 400 percent interest. The Center for Responsible Lending noted that payday loans “sink borrowers into debt that can be as difficult to escape as quicksand.”
Bankruptcies are at an all time high Consumer Debt is over 2.7 Trillion dollars and most of us save less than 1% of our income. 60% of working Americans experience moderate to high levels of financial stress and, most of us believe it is getting worse. A Parenting Magazine poll indicated that almost half of Americans don't have enough savings to cover one month’s expenses. The sad part about it most of us aren’t doing anything about it.
These presentations are designed to provide accurate and authoritative information in regard to the subject matter covered. It is given with the understanding that the publisher is not engaged in rendering legal, accounting, counseling or other professional service. If legal advice or other expert assistance is required, the services of a competent professional should be sought.
Here at the Xtreme Living Network we facilitate information that we hope will help change the way you think about money. Visit our Pod Cast channel to listen to the Xtreme Money Minute.
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