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Personally, many of us find that sometimes our expenses exceed our income. Often this debt is temporary, and while it can be a little unnerving, we know that we can tighten our belts and wait for the next paycheck.
Maybe you are one of those people whose whole paycheck goes to pay credit cards debt and personal loans every month. During the month you take out more loans and use more credit until you get a paycheck again, which just about covers the debt, and your personal debt keeps increasing. Often the amount owed gets worse and you find that you are trapped in a spiral with an increasing amount of overall personal debt fuelled by interest, which your paycheck cannot cover.
You are not alone; according to statistics in an abstract from the United States Census Bureau in 1997, the use of general-purpose credit cards rose from 56% of all families in 1989 to 66% in 1995. Just over half always paid off the balances. Another 20% sometimes paid their personal debt off and a staggering 28% almost never paid. There are fears that this situation is getting worse due to the increased availability of loans, the increased use of credit cards and increased ease with which it is possible to obtain these items.
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