According to mortgage complaints reported to the Consumer Protection Bureau, 37% of all homeowners are struggling to make their mortgage payments.
As most of us are working full time, WHY are we constantly struggling to pay our bills?! Why can’t we save for retirement or invest our monies to generate a second income?
In addition to the inflated values of our homes which caused us to borrow a larger mortgage amount, I break the struggling homeowner down to four main factors: credit card debt; food costs; new household bills; and costs of children activities.
Do you know that according to the Federal Reserve Bank of Saint Louis the revolving credit card debt in the United States in 1995 was $408 billion dollars. In 2017, the revolving credit card debt has more than doubled to $995 billion dollars in the United States. Credit card debt can range from 5% to 10% of a family’s gross income.
Did you also know that food costs per month for a family of four is nearly $1,200 per month according to an article from Creditdonkey in December of 2017. This can be as much as 25% of a household’s income. This also does not take into account eating out at restaurants.
Did you also know that the addition of the internet, cell phones and other streaming video services increased our total household costs by an average of $200 to $450 per month.
Finally according to The Conversation.com extra curricular activities range between $500 and $1,00 per child per season. For two children it can cost a family as much as $6,000 to $8,.000 per year just for extra curricular activities. These costs do not take into account child care or travel associated with the extra curricular activities. The average family spends a staggering 12% to 15% of their income on childcare costs!
Though alone none of these four factors are the exact reason we all struggle to keep our homes and make our mortgage payments. There are dozens of other expenses that also contribute to our daily stress and spending.
It’s time to take matters in your own hands and begin to live the American dream again by not struggling each and every month to pay your home mortgage.
Click on the Link below to attain My Step-by-Step mortgage modification program so you can lower your monthly mortgage payments by hundreds or even thousands of dollars per month without ever facing foreclosure.
Or if your mortgage is not the issue but you struggle with credit card debt then join my membership site to receive assistance in reducing your credit card debt.
