Definition:A complete change in thinking or belief systems that allows the creation of a new condition previously thought impossible.
Financial Talk Cast Internet Radio Show was developed to help provide real solutions to Americans suffering from the burden of debt. On our show we will interview a number of people that represent many different types of companies so you can get an idea as to the different types of debt solutions that are available today.
Our hope is that you will find a solution that will help get you on the path to financial freedom.
Many Americans today are living in financial crisis. Some aren’t even aware of it. Most have the ability to make ends meet from month to month but stand little chance of accumulating any kind of wealth at the end of there journey and stand a good chance of becoming a statistic.
What are the statistics?
According to the Social Security Board, 81 out of 100 people are dead or "dead broke" by the age of 65. 2.5 % are financially independent, 13-17% are still working, 56% are dependent upon someone else, and 25% are deceased. These numbers prove that the problem with debt has started young and continued through lifetimes.
The Census Bureau report has determined that the average American has the following allocation of income. 28% is paid toward taxes, 19% toward the household, 9% toward insurance, 2% is kept, and a staggering 42% toward interest and debt. The National savings rate has reached -1% for the first time in history.
According to the Bloomberg Report (March 2007), U.S. subprime borrowers fell behind on their mortgage payments at the highest rate in four years in the fourth quarter of 2006 and foreclosures of all types rose to a record high according to the Mortage Bankers Association. U.S. homeowners, lenders and investors may lose as much as $112.5 billion through 2014 as mortgage payments go up on adjustable-rate loans, triggering defaults and foreclosures, according to a study by mortgage-risk data provider First American CoreLogic.
According to the Experian National Score Index, the average consumer debt has risen 12.5% in the last year. The average for credit scores has now dipped to 674. It has been averaging 695 over the last few years. As debt increases, scores drop. As consumers get behind in payments, scores drop. Forbes.com wrote that one late payment on an auto loan will lower a consumer's credit score by an average of 98 points.
Some more statictics
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