The Top Reasons People Have Too Much Debt

 By Sandy Botkin, Special for USDR

* The average person can go 17 days without a paycheck.
* One in five people have over $10,000 in consumer debt alone.
* 41% paid nothing on their principal balance of their debts.
* 43% of American families spend more than they earn (in many cases, more than 20%).
* Sadly, young people aren’t showing any signs of improvement. For example, the average amount of credit card debt for people between ages 20-29 is $1,800 and total debt for 20-somethings averaged $45,000.
* Only 13 states require students to take finance class yet most require gym classes.
* 60% of people ages 18-34 don’t keep a budget.
* Educational debt is the fastest growing debt in the US. In fact, average student loan debt for 2010 (when I researched this) was $25,000, yet they had an unemployment rate of 12.4%. In fact, it is estimated that almost 50% of recent college graduates are either unemployed or underemployed.

From my latest book: Achieve Financial Freedom – Big Time!

All opinions expressed on USDR are those of the author and not necessarily those of US Daily Review.

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