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Random question spawned by too much daytime TV: It's generally known… - Tina Marie's Ramblings
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skywhisperer
skywhisperer
Random question spawned by too much daytime TV: It's generally known that people who lose large amounts of weight have about a 10% chance of keeping it off for 1o years. Anyone know what percentage of people who do debt consolidation programs are still out of debt after 10 years?
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alioth1 From: alioth1 Date: October 12th, 2007 06:21 pm (UTC) (Link)
I'd say close to zero. Most people I know who got into bad debt just don't seem to understand the concept that money you borrow has to be paid back.
oshawapilot From: oshawapilot Date: October 12th, 2007 11:14 pm (UTC) (Link)
I'll take a guess and say something in the range of 20%.

I too know a few people who are financially hopeless despite a few consolidations, "fresh starts", and in one case bankruptcy.

That said, some people who finally hit the bottom financially and consolidate their way out do manage to make a better second shot.
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