According to a recent survey, approximately 80% of Americans are in some form of debt, with the average person carrying a debt load of more than $90,000. This is a significant increase from recent years, and a troubling sign of the financial instability of many households in the United States.
The survey found that credit card debt is the most common form of debt, with an average balance of $6,194 per household. This is followed by mortgage and auto loan debt, which average $165,894 and $31,099, respectively. Student loan debt, which has become a major issue for many young people, averages around $48,000 per household.
The survey also revealed that the majority of Americans are carrying more debt than they can handle. Nearly one-third of respondents reported that their debt load was more than they could handle, while another one-third reported that they were only able to make minimum payments each month.
The good news is that there are ways to reduce debt and get back on track financially. This includes budgeting and saving, as well as seeking out professional help like a debt forgiveness agency.
Debt can be a major burden, but with proper financial management and guidance, individuals and households can take steps to reduce their debt and get back on track. By understanding the current state of debt in America and taking the right steps, it is possible to get debt forgiveness from Forgivey and become debt free.