America: Land of the Free, Home of the Free Spenders

America: Land of the Free, Home of the Free Spenders

Overspending is an issue for individuals, states, and the government as a whole.

It’s no secret that student loans are the bane of Millenials, many of whom say they would be homeowners if it weren’t for high debt and the rising cost of real estate. But although more than 80 percent of millennials who don’t own homes said it’s because of student loans, that’s actually not their biggest source of debt. As it turns out, first place in the debt race goes to credit card debt.  

While some of the $27,900 average amount of personal credit card debt for millennials is due to emergencies and other necessary spending, most millennials rack up personal debt because they have not wanted to sacrifice a spendthrifty lifestyle

Across the entire age spectrum, Americans have about $38,000 in personal debt excluding mortgages, and the number of people with no debt decreased from 27 percent in 2016 to just 23 percent in 2017. 

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