Are more people in debt nowadays?

Question

and why?

Answer 1

More people are irresponsible nowadays.

Answer 2

Not just more people, but the entire USA government. The main problem was easy credit and interest rates that were like bank robbery. We are also suffering from tax inflation. In the 1970's a report was issued that predicted this tax-aholic government was placing the burden on the usual suspects. Yea the super rich were being taxed at exhorbent rates, but if looked on as actual damage to their spending power it was nonsequential. An income of about $153,000 would put you in the top 5% of tax payers. You were in the top 10%  with an income of $109,000  There in black and white the report showed the cost of income taxes rising faster than all other house hold expenses.(what does this do to that bottom line on your check). This can get complex. People were being taxed out of their disposable incomes but did not feel the weight of their pocketbooks going down and were borrowing money that banks really did not have at rates that were, well, criminal. Credit card companies began to join the circus and this generation of "much less real money" people were buying homes they couldn't afford, cars way to expensive, etc. The value of the US dollar on the global market was also taking a free fall the likes of which this old codger has never seen. I could throw in some more factors to explain the real why more people are in debt. They were playing a game and living a life with money they really didn't have and their government was robbing them at the same time and then spending phantom money. The answer to your question is a resounding YES. Not enough time or room to explain all this.

Answer 3

Nope. Just more focus is on it now.

Answer 4

YES. IT AMERICA'S DIRTY LITTLE SECRET. WE ANYONE CAN HAVE A FLASHY LIFESTYLE BUT THE QUESTION IS CAN THEY ACTUALLY AFFORD IT. WE ARE DRIVEN CONSUMERS SO WE JUST GOTTA HAVE IT SOMETIMES.

NOW PEOPLE AREN'T AS ASHAMED NOW THEY SHARE THEIR DEBT PROBLEMS. SO IT'S MORE SEEN AND HEARD OF.

BUT IT'S MORE NORMAL THAN PEOPLE THINK.

Answer 5

Yes, due to instant credit. Over 40% of people owe over $40,000 in credit card debt. Interest rates disable them from paying them back, creating a never ending cycle of debt and bank profit.

Another issue is the need for college/university education to obtain a decent paying job, with a pension (though many of these jobs are going to developing countries). Graduates owe tens of thousands, and are crippled financially at the career starting line.

Advice? If you are without credit cards and student loans, rejoice. Be wary of signing any agreements that are easy, fast and pay later. YOU HAVE CONTROL of these choices. Your financial future is up to you!

Answer 6

Last year the united states citizens saved a negative 1.5% lol Credit cards, loans, mortgage, cost of living,everything. one thing that gets me is how people dont realize that if they have a savings account with a bank they are loosing a tremendous amount of money