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most cases, enabling them to become more expansive in their spending, they have been more cautious than usual, due to their uncertainties with regard to inflation, unemployment and other economic factors.
As a resuty, they have kept their debt load-well within manageable limits and their cedtt in good shape.
According to data from the Federal Reserve Board, the National Consumer Finance Association and others, the amount of consumer debt outstanding in the United States is over $103 billion. It is equivalent to about $1,600 per family.
In Rappahannock County, on the basis of recent national reports and based upon average earnings and expenditures locally, the overall debt load is estimated at $1,271,000. This includes automboile loans, credit extended for the purchase of other consumer goods, personal loans and loans for home repair and modernization. It does not include mortgage debt, charge accounts and single payment loans. The debt load in the local area figures out to $850 per family. That is the mathematical average. However, since many families have no debt at all, the amount owed by those that do is considerably higher. In general, more than $1 out of every $7 that a family has left after paying its personal taxes goes toward the repayments it must make on its instalment debt. Is this too much of a burden for them? Not according to the figures. They show that the proportion of defaults is very small. Most people are careful about their finances and do not take on more debt than they can handle.
Mrs. Spalding Receives Retirement Gift
Personnel of adjoining and affiliating ' offices in the Court House area joined Monday afternoon for a Christmas party. At this time Mrs. Roberta Spalding was given an engraved silver cigarette box by her associates and friends. The presentation was made by Judge Rayner V. Snead. Mrs. Spalding will retire December 31 as Commissioner of the Revenue after holding that position since 1951.
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