You will be keen to know that the very last time the United States Federal government was absolutely free from all the debts was in the year 1835. Since now, the national debt in America lounge around $23 trillion which is a very large amount.
Seriously! This will surely surprise you that they have fewer savings than their credit card debt. Their national debt raises millions per hour. Also, we are not talking about each kind of loan, to get a student loan there are more than 4 million borrowers. Do you know the reason behind this immense debt in the USA? Yes, it is due to a lack of confidence, knowledge, and smart work. The people living there temporize in eliminating this debt. However, there is no doubt that this massive debt will someday get cleared.
You must be excited to know about more terrifying debts in the USA. We mainly talk about thousands of amounts but when it comes to trillions and trillions of dollars, our minds will blow up. This may also help you in waking up your thinking.
So, here are some fascinating facts about the national debt of the USA that may terrify you.
We all know that having debt adds a burden to your life. No one can live life comfortably in debt. Also, in many cases debt is directly linked to depression. One of the major mental impacts caused in the USA is due to mental debt. People fail to pay the high bills and expenses of hospitals. According to a study, 36% of people with medical debt are dismay with their current lives.
2.Talk between couples:
Normally, couples wait to spend some time together but the couple in the USA wait to talk about finances and debt. Funny, right? Even 25% of Americans do not tell about their debt to their partners and that ruins their relationship.
You will get surprised after knowing that for a few years auto loan debt has reached the peak level. The Americans solely owe about $1 trillion in auto loans. The borrowers are increasing day by day but they are not capable of repaying the loan. Almost all borrowers are 60 days behind on their repayment policy.
4.Credit card debt:
The people living in the USA show smashing credit card debt. They are carrying a credit card balance all the time. On an average, the individuals between the ages of 21 and 24 carry around $6,000 in credit card debt whereas, on the other hand, the people who received their first credit car between the age of 18 and 20 shows a credit balance of $5,500. They are just making their life difficult by increasing the amount of debt.
Students who are coming from a low- income areas lean to have student debt. They are paying 70% more on their college education due to their large expenses and debt. Also, in some of the cases, students are using their credit card to buy books, food, and other items which increase their credit card balance too. 10 out of 100 student loan borrowers are 80 days or more behind their payments.
6.Men hump more debt than women:
This is astonishing to know that men of the USA clasp more debt than women living there. Most women owe more on student loans and carry an average amount of $5,000. Whereas, men carry around $7,000 of debt which is the hard part. This also says that men spend more money on things than women.
7.Marriage is devastating:
The main reason behind the ruining of marriage is debt. Couples who brawl 30% on a weekly basis about their money are more likely to get divorced. In the USA, the marriage rate is 6.4 per 1,000 people and the divorce rate is more than half of the marriage rate that is 3.6 per 1,000 people. Even the partners do not tell about the debt they are suffering, this also causes a lack of connection between them and destroys their relationship.
So, what do you think about how can USA become debt-free? the best answer to this question will be education. They would not suffer this thing if they had proper knowledge about this. Even many people in fear decide to die. This is not the solution to this problem. If they know about finance, debt management then they will better know to deal with all this.
Instead of spending on wasteful things, they should start saving money. They should make better decisions in life which will help them to live adequately. This is the finest solution to this problem. If they get the proper knowledge about debt management, they will soon be able to become debt-free.