For decades, household-debt has been on the rise in many counties round the world. Recent research figures indicate over $14 trillion of household-debt in USA and about $2.2 trillion in Canada. Ramifications of novel coronavirus will likely increase these figures significantly. The average debt to income ratio is about $1.75 compared to 85 cents in the 1990s and 66 cents in the 1960s. Debt is now one of the biggest risks to the world economy especially with a debt-service ratio (DSR) ranging from 10 to 30 percent. This implies 10 to 30 cents of every dollar is used to service principal loan and interest. Increasing household debt could lead to any or all of the following consequences:
– Reduced economic activities due to less spending may put financial institutions and households into a vulnerable situation leading to banking crisis, recession, layoffs, high unemployment rate, rising interest, declining incomes and house prices.
– Financial insecurity for individuals may increase the risk to default on loan payments
– Increased financial pressure on households from creditors and collection agencies
– Increased risk of foreclosures, bankruptcies and delinquencies
– Increased health problems due to financial pressure and emotional stress
– Damaged credit scores and inability to secure future loans
Most households around the world have identified the debt problem and are challenged by how to get it resolved. Getting out of debt is a huge responsibility that can be very stressful especially for most people living pay-cheque to pay-cheque. Some people actually do two to three jobs in order to meet their household financial obligations.
This book provides a different approach for getting out of debt. The approach in this book is different from many other financial management approaches because it highlights and includes the crucial role of behavioural patterns in debt management planning. It also provides a simpler path to financial freedom. A copy of the Freedom from Household Debt is enough to get you out of debt.
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