The American Dollar
One industrious American family's focus on a financial goal of freedom. Through worldly personal finance education, here is our story.
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Our Story: Both my wife and I are 27 years old and have gone through financial hell and back. Now we are on track to financial freedom, however we are not financial advisors or professionals, just everyday people. Share our journey from a negative networth and email us if you have questions or comments! :)


Monday, July 11, 2005

What can I do to consolidate my debt?

Some people are so deep in debt, they will never know what it is like to not owe anyone money.

Some families have raked in debt so high that they can only afford to make minimum payments to all of their creditors. Debt Free Direct commented that unless a miracle happens such as a jackpot win on the lottery or a huge inheritance, these people will see out their lives making token sums to debt accumulated many moons ago.

Britain’s ever increasing debt mountain is growing larger by the day as mortgage debt escalates by $1 million every four minutes and someone declares bankruptcy every seven minutes.

It is estimated that over 104,000 people will sink into bankruptcy this year or take out an IVA. This is three times the figure for people with money problems ten years ago.

Some people in the UK owe over 17 times their monthly income in loans, credit cards and other bills. Others who are receiving state benefits could take up to 77 years to repay their debt. If they are in their twenties or thirties, these will see them to the grave.

The ‘Buy now worry later’ culture has shown that over 1.6million people have problems in repaying accumulated debt and 1 million people will choose bankruptcy as a means of solving their financial problems.

What can I do to consolidate my debt?

If you do not want your creditors to see you to the grave, stop spending now and seek the services of a debt management company who will take into account your current financial position and help you to clear your name as quickly as possible so as you can experience life without the ball and chain of debt following you in every direction you turn. is here!

Emergency Fund
2007 Roth Contributions
$8,000 Total

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