Archives

Archives

Health & Medicine
How Much Debt Do Americans Have?
By Staff Reporter

The people of America are falling more and more into the rabbit hole of debt, and as the year 2020 approaches more than 70% of Americans are in some sort of debt. Every house in the US is in an estimated debt of $140,000 which means that every individual owes around $38,000. The American system has taken such shape that everyone is taking a loan for something. Whether it is credit cards, mortgages, personal loans or car loans, everyone has a need that cannot be solved without a loan. According to a survey conducted by Northwestern mutual mortgage and credit cards are the top source of debt, followed by student loans and car loans. Not only it becomes tough to deal with such loans, but specifically, student loans have taken over the lives of so many youngsters. Students have been complaining about spending all their earnings on returning the loan debts and how the interest keeps rising. And despite all that, the people of the US are still not holding back from taking loans. But what chunk of the demographics are most in debt. Let’s have a look at every age group and how much debt they have.