Nonsequitur: A Nation of Debtors

November 28, 2012

The National Debt (the amount our government owes)  is at $16.3 Trillion and growing.  But it isn’t just our politicians who are borrowing to spend on what they can’t afford.

American Household Debt is currently $11.3 Trillion. Most of that is Mortgage Debt ($8.3 Trillion), but we owe $956 Billion in outstanding Student Loans, $768 Billion in Auto Loans and a whopping $852 Billion in Credit Card Loans, with an average credit card balance of $15, 328.  Our default rate is about 11% (up about 1% since 2010).

As taxpayers and consumers, we owe more than $27 Trillion.  Sure, we can raise taxes or get a second job to help pay off a little, but until we deal with our reckless spending habits, both personal and political, we cannot fix this problem.

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