Wrong spending habits lead to bankruptcy
A recent survey by the National Foundation for Credit Counseling (NFCC) found that the biggest reason consumers face bankruptcy is poor money management. And the new bankruptcy law which insists on credit counseling sessions before filing for bankruptcy, has seen filings drop phenomenally since it was introduced. Lsj.com reports:
Nationally, debtors who received prefiling counseling had average debts of $40,673 and an average income of just $31,255, according to a survey by the National Foundation for Credit Counseling, the umbrella organization for Consumer Credit Counseling Services.
Read more: Is bankruptcy reform working? Here’s the difference between the two options
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June 7th, 2006 at 9:23 am
Americans are known for their great spending habits. It is in their culture. The way new products are displayed in television people become crazy to buy them. I used to watch the oprah winfrey show where she interviewed few Americans who spend a lot of money in buying furnitures, dvd and other things.