Debt is a serious problem in the United States. It's not just the people who are drowning in student loans or struggling to pay off credit cards. It's also affecting those who don't want to burden their children with debt, but are unable to save for retirement because they're paying off their own debt.
The average American has $8,600 in credit card debt, according to CreditCards.com. The average mortgage payment is $1,425 per month — and that doesn't include property taxes and homeowners insurance (which can easily add another $300).
It's no surprise that when asked what they would do if they won the lottery, most people say they'd pay off their debts. But even if they did win big bucks, they'd still have to spend time earning money so they could continue paying off those debts — and that means less time spent doing other things they enjoy like spending time with family or friends or relaxing on vacation by the pool.
Debt is destroying us all and it is time for change.