Americans: Slaves to Debt


 

Are you still paying off your student loans years after graduation? Well you are not alone in this horrific system we have become acclimated too. In our culture we have learned through watching our parents who watched their parents about how to handle money. We have bemuse accustom to buying things on credit because we want them now, but other times because thats the only way we can do things, for example college. Many students take out loans for college tuition and use credit cards to buy supplies they need for school.

*”8 in 10 Americans have debt, with mortgages the most common liability.”

*”Although younger generations of Americans are the most likely to have debt (89 percent of Gen Xers and 86 percent of millennials do), older generations are increasingly carrying debt into retirement.”

*”7 in 10 Americans said debt is a necessity in their lives, even though they prefer not to have it.”

Most of us wish that we didn’t have any debt, but we have bought into the lie that it is a necessary part of life in America in the 21st century.

Right now, there are approximately 40 million Americans that are paying off student loan debt.  For many of them, they will keep making payments on this debt until they are senior citizens.

As adults we can help both ourselves and kids (if you have them of course) by learning about how we got into this hole. Being aware that there is a problem is the first step. To read more about this in-slavement go to The End of The American Dream.



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