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Written by Administrator Friday, 23 April 2010 13:48

Another tax season has come and gone.  Another yearly reminder that while money might not be “easy come” it is certainly “easy go.”  And with the economy still being a bit unsettled many of us are wondering “What about my financial future?  Will I be able to continue to provide for my family?  How will I ever send my children to college?”  And retirement?  That might not even be possible.  Below (taken from various sources and compiled on www.ownthedollar.com) are some sobering statistics:

• 50% of Americans have less than one month of savings saved for emergencies.
• Students graduate with an average of $23,186 in student loan debt and $4,100 credit card debt.
• The average loss in real housing value during the current housing crisis has been 13%.
• People spend 12-18% more when using credit cards than when using cash. McDonald’s, found that the average transaction rose from $4.50 to $7.00 when customers were allowed to use plastic instead of cash in its restaurants.  Research shows that people spend more using credit cards despite paying off the balance every month.
• A recent study by Harris interactive found that 57% of households do not have a budget.
• Money magazine poll, “43% of readers who lent to family or friends weren’t paid back in full; 27% hadn’t received a dime.”
• 61% of Americans are living paycheck to paycheck, up from 49% last year and 43% in 2007.
• More than one in five of those earning $100K or more still live paycheck to paycheck.
• 32% of all home loan applications were rejected last year, and only 40% of all applications closed in new home purchases.
• Personal saving as a percentage of disposable personal income was 3.0% in August 2009, compared with 4.0% in July.
• There were 159 million credit cardholders in the United States in 2000, 173 million in 2006, and that number is projected to grow to 181 million Americans by 2010.
• At the end of 2008, Americans’ credit card debt reached $972.73 billion, up 1.12% from 2007. That number includes both general purpose credit cards and private label credit cards that aren’t owned by a bank.
• Average credit card debt per household was $8,329 at the end of 2008.

Sound too familiar?  While the situation may seem hopeless, there is hope. Financial Peace University is a 13 week DVD course dealing with issues of finances.  Using sound Biblical principles and proven budgeting techniques, Dave Ramsey leads class members through lessons that will help you learn how to get out of debt and get control of your finances.  Curious?  Interested?  Skeptical?  Check it out and see how it can change your life and your family.   Information regarding class sign-up will be available in the weeks ahead.