Help Us Get Out of Debt
Donation protected
Hi there, we are the Armstrongs! We are a family of 4 working diligently in any and all ways possible to get ourselves out of debt. Having debt is a huge burden that we and most people have felt crushed by daily.
"Well, everyone has debt, so why should I help?"
Americans have fallen back in love with debt.
Total household debt—a category that includes mortgages, student loans, and car loans along with credit card and other debt—dipped in the wake of the Great Recession, but it has since steadily rebounded in the years since. Overall, Americans’ debt hit a new high of $13 trillion last year, surpassing the previous record set in 2008 by $280 billion, according to the New York Fed.
MONEY dug into data from the Federal Reserve’s Survey of Consumer Finances to examine just how much debt—and of what types—Americans were carrying at every age.
As it turns out, people’s peak earning years also appear to be their peak debt years. People between the ages of 45 and 54 reported the highest levels of debt overall, totaling $134,600. Those in the 35-44 age bracket carry the second-largest amount, at $133,100.
Here’s how much Americans owe overall, broken down by age group:
Under 35: $67,400
35–44: $133,100
45–54: $134,600
55–64: $108,300
65–74: $66,000
75 and up: $34,500
(article can be found here: http://time.com/money/5233033/average-debt-every-age/)
Luckily our debt we still owe for our age bracket is much lower as we have been paying everything we can towards it. Most people either a) dig themselves deeper and add more and more to their debt, or b) try to ignore it all together, but sadly it follows you wherever you go! This prohibits you from not only experiencing the financial freedom you so desperate desire, but also from buying a home or fulfilling whatever dreams of Disney Land or traveling, and goals you might have for you and your family!
We want to be good stewards with our money and be an example to our children of what NOT to do! Learning from our mistakes, and being financially wise! But how do we do that?
That's where you come in! We started with 85k and in the last 2 years have hit the ground running and bumped it down to the remaining 35K we are asking for! We are working hard to show our children that hard work really does pay off, but with the same token, we know we can't do it unless we humbly ask for help from our community, friends, family, and people who are willing to give!
Our goal is to reach the 35K not only so that we can be free but to also, once free, give back and help others as well in this same situation. Debt shouldn't be what keeps us from living our lives to the fullest! There is so much more to life than bills, debt, and living paycheck to paycheck! For those of you who don't know us personally, we know this is a far cry for help, but I'm willing to bet if we put our money, time, and generosity together, amazing things can happen! For those that do know us know we have been faithful in the little things and have been pushing hard and fervently to reach this goal. We haven't given up yet and we wont stop until our goal is reached!
One of our other goals after paying off our debt it to relocate our family, so we can be closer to our relatives. Several Holidays and birthdays have been missed out on and celebrated at a distance. We are currently living in Colorado, completely isolated from our families and our deepest desire is to move back to Texas so that our children can grow up around their grandparents and other family members. However, we are financially chained to Colorado until we are able to pay off our remaining debt and build enough savings to relocate.
If you feel like giving, even if $5, we can't say thank you enough! Help us reach our goal so we then can help the world and others around us. We need each other, and I know it can be accomplished!
"Well, everyone has debt, so why should I help?"
Americans have fallen back in love with debt.
Total household debt—a category that includes mortgages, student loans, and car loans along with credit card and other debt—dipped in the wake of the Great Recession, but it has since steadily rebounded in the years since. Overall, Americans’ debt hit a new high of $13 trillion last year, surpassing the previous record set in 2008 by $280 billion, according to the New York Fed.
MONEY dug into data from the Federal Reserve’s Survey of Consumer Finances to examine just how much debt—and of what types—Americans were carrying at every age.
As it turns out, people’s peak earning years also appear to be their peak debt years. People between the ages of 45 and 54 reported the highest levels of debt overall, totaling $134,600. Those in the 35-44 age bracket carry the second-largest amount, at $133,100.
Here’s how much Americans owe overall, broken down by age group:
Under 35: $67,400
35–44: $133,100
45–54: $134,600
55–64: $108,300
65–74: $66,000
75 and up: $34,500
(article can be found here: http://time.com/money/5233033/average-debt-every-age/)
Luckily our debt we still owe for our age bracket is much lower as we have been paying everything we can towards it. Most people either a) dig themselves deeper and add more and more to their debt, or b) try to ignore it all together, but sadly it follows you wherever you go! This prohibits you from not only experiencing the financial freedom you so desperate desire, but also from buying a home or fulfilling whatever dreams of Disney Land or traveling, and goals you might have for you and your family!
We want to be good stewards with our money and be an example to our children of what NOT to do! Learning from our mistakes, and being financially wise! But how do we do that?
That's where you come in! We started with 85k and in the last 2 years have hit the ground running and bumped it down to the remaining 35K we are asking for! We are working hard to show our children that hard work really does pay off, but with the same token, we know we can't do it unless we humbly ask for help from our community, friends, family, and people who are willing to give!
Our goal is to reach the 35K not only so that we can be free but to also, once free, give back and help others as well in this same situation. Debt shouldn't be what keeps us from living our lives to the fullest! There is so much more to life than bills, debt, and living paycheck to paycheck! For those of you who don't know us personally, we know this is a far cry for help, but I'm willing to bet if we put our money, time, and generosity together, amazing things can happen! For those that do know us know we have been faithful in the little things and have been pushing hard and fervently to reach this goal. We haven't given up yet and we wont stop until our goal is reached!
One of our other goals after paying off our debt it to relocate our family, so we can be closer to our relatives. Several Holidays and birthdays have been missed out on and celebrated at a distance. We are currently living in Colorado, completely isolated from our families and our deepest desire is to move back to Texas so that our children can grow up around their grandparents and other family members. However, we are financially chained to Colorado until we are able to pay off our remaining debt and build enough savings to relocate.
If you feel like giving, even if $5, we can't say thank you enough! Help us reach our goal so we then can help the world and others around us. We need each other, and I know it can be accomplished!
Organizer
Jennifer Armstrong
Organizer
Fort Collins, CO