Following the holidays, many families realize just how far they have fallen further into debt as bills start to arrive. The percentage of the average family’s disposable income devoted to covering debt payments reached an all-time high in 2006. Credit cards are maxed out and many are now falling behind on their rent or mortgage. In Richmond, the projected foreclosure rate for subprime loans made in 2006 is 20.2%. That is 1 out of every 5! The average American credit card holder has $9200 in debt.

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