Debt in the US: Is the Government Setting a Bad Example for All of Us?
By Staff Reporter
May 24, 2018 05:45 PM EDT
May 24, 2018 05:45 PM EDT
The numbers don't lie: the US national debt is over $21.15 trillion, and growing fast. This figure translates into a debt per citizen of $64,543, and a debt per taxpayer of $174,168. With US federal tax revenues at just $3.329 trillion, or $10,163 per citizen, the shortfall of $18 trillion is something to be concerned about. Consumer debt in America is an issue that has been gaining momentum in recent years. This type of debt spans the full spectrum, including personal loans, student loans, business loans, credit cards, mortgages and the like. The debt per capita is increasing at a rate of knots, and there are vast differences in debt burdens from state to state.
How does credit card debt measure up across the US?
How does mortgage debt measure up across the US?
How does automobile loan debt measure up across the US?
How does student loan debt measure up across the US?
What are the overall levels of debt like in the United States?
The overall debt burden per borrower in the United States is rapidly increasing. This is a natural process which is fuelled by inflationary expectations, and rising standards of living. However, rising debt levels also place tremendous pressure on individuals and families and should always be efficiently managed. Increased borrowing becomes relatively more expensive as interest rates continue to rise. For these and other reasons, it is important to keep a lid on rising debt.
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