The Problem of Debt in the United States
Let’s face it, debt in the United States is a problem. From our national debt, student loan debt, and consumer debt. Debt in the United States is a problem on all levels. Why is that?
I’m a firm believer that it starts with the lack of education on the topic. Only 17 states require high school students to take a course in personal finance. But even those states that teach financial literacy, debt is still a problem.
Maybe it the YOLO or “living my best life mentality” that leads to our obsession with overspending. Perhaps it’s the instant gratification we seek and hit the “like” button on social media every day. Or the fact that we let 17 and 18-year-olds make their biggest financial decision (college) with little guidance. Or the impact taking on student loan debt could have on them for years to come.
Maybe it’s the lead by example trap that has gotten debt in the United States out of control. We are just merely following the herd. Heck, our government is 22 trillion in the red.
Whatever the reason is for it, we need to take back control of the debt in the United States. The sooner we can start, the better. Let’s dig in on some of the debt categories and why we’ve fallen off the debt wagon.