Most Americans spend over 20% of their income to pay off Debt. Learn more about when you have too much debt and how to pay it off…
America has always been a “consumer nation.” For over 60 years now, the average amount of debt per American Household has continued to climb. Most Homeowners have mortgage debt, but the problematic types of debt that are causing families to struggle across the country are really coming from tax debt, credit card debt, student loan debt, medical bills (and the list goes on).
Why do we all seem to keep borrowing more money and piling up additional debt? The biggest problem these days is that wages just aren’t growing like they did in the past. The Bureau of Labor Statistics reports that hourly compensation has only increased 2.2% per year since 2009.
To put it in perspective, if you make $35,000 a year then a 2.2% increase means you’re only making about $65 more a month than you did last year. If you are in over $10,000 in debt to credit card companies, the IRS, medical bills, etc. your monthly minimum payments are usually going to be more than double that “raise” of $65 per month… Source
Before we dive further into Ways to Become Debt Free lets take a look at where America has the most debt state by state. According to the Federal Reserve, American Debt climbed to over $12 trillion as of 2017, and continues to surge each year moving forward… Luckily for us, companies like National Debt Relief, Accredited Debt, ClearOne and many more have developed ways for Americans to consolidate their various types of debt into one payment (often time at a lower interest rate than they are currently paying).
Americans in more than 13 States actually have the average amount of debt they owe exceed the total median income made per household. In these states, millions of people lose over 20% of their income to trying to pay off existing debt they piled up from taxes, credit cards, medical bills, student loans and more. Source
Even though American Homeowners of all ages continue to take on more debt, there are companies that can help reduce the interest on your existing loans and reduce the total amount of your debt in a few simple steps. Most people with $10,000 or more in debt can qualify for debt relief programs in just minutes – Learn How To Become Debt Free Now!