Americans have too much debt

“Ninety-seven point five percent of Americans reach age 65, a normal retirement age, and they don’t have the resources to retire.” - Citizenlink.org

According to the Center for American Progress, family debt has hit record highs. Household debt averaged a record 133.7% of disposable income in the fourth quarter of 2007. In the fourth quarter of 2007, families spent 14.3% of their disposable income to service their debt, up from 13.0% in the first quarter of 2001.

Debt is an important part of personal finance descision making. Just because it is normal to have debt does not mean it should be. Focusing your energies on paying creditors and bill collectors and getting out of debt is extremely important to your future financial health.