According to a recent survey by Pew Charitable Trusts, more than 80% of Americans are in debt. An analysis of that survey showed that most Americans in debt have been tricked into believing that it is “good debt”.
While they’re not begging for spare change on the side of the freeway off-ramps, most Americans living in debt are working full-time jobs – sometimes two jobs – and own a house with multiple mortgages.
Meanwhile, many Americans work to get themselves out of the same debt that they previously described as good. Some people are born into debt, while others create debt for themselves – and the debt perpetuates itself; there is no way out.
commit suicide every year because of their financial problems, i.e. farmers in India etc. Yet debt is only partially the fault of the debtor. Debt is a man-made problem and a child of the economy – of all economies around the world. And as the debt of individual’s stacks precariously higher and higher, it’s only a matter of time until we see a true economic collapse in every country around the world.
No country’s economy can support a majority of their people living in debt their entire life. As we will soon see, this will have disastrous repercussions for the global economy.
