T he word itself is heavier than it looks. It feels like someone just threw a block of brick on your back even if you're not affected by the actual word itself and you don't relate to any kind of debt. Let's take a look on the world's statistics 1st then I'll share my personal thoughts and experiences with you all. Based on an analysis of Federal Reserve statistics and other government data, the average US household owes $7,529 on their cards; looking only at indebted households, the average outstanding balance has risen to $16,140 and still rising. Current as of October 2015 U.S. household consumer debt profile: • Average credit card debt: $16,140 • Average mortgage debt: $155,361 • Average student loan debt: $31,946 In total, American consumers owe: • $11.85 trillion in debt ○ An increase of 1.7% from last year • $890.9 billion in credit card debt • $8.17 trillion in mortgages • $1.19 trillion in student loan...
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