Americans Are Overwhelmed with Debt
Should Americans Allow Debt To Control Their Lives?
We as a society find out day after day that American people live well beyond their financial means and it shows by the cars that we drive and the clothes that we wear. It is a statistical fact that 44% of the American population has encountered some type of bump in the road and the lingering shadow of debt has slowly trickled into a bad credit situation and a good example of this can be found right in your wallet, that’s right that credit card debt stares you right in your face everyday. Now not all debt is completely bad, there is good debt such as a student loan payments or mortgage payments and these give you many advantages such as an education or equity in your home but most in that 44% have bad debt and which has no real upside financially because of the high interest rates and hidden charges.
Many Americans can only afford to live from one paycheck to the next paycheck because they are living well beyond their financial means and because of this trend many don’t attend to save for retirement or that rainy day. It should not surprise because of the way the American culture has encouraged more of this kind of behavior. Say it ain’t so?
Is your personal growth more important than the economies needs? In order to determine which factors are truly most important when deciding whether or not the country is experiencing economic growth or if you are just personally experiencing growth? So you ask what is an example of economic growth? Well, if more people are working, more people are working better jobs at this point those people are spending more money therefore the purchase rates are going up. But which one of these growths is more important to you personally. On one hand if you the consumer who spends your hard earned money for a particular item at that point the purchase has impacted you and your debt has gone up. But the economic growth potential has gone up ever so slight because of that purchase. So at this point to determine which is more important economic growth or personal growth?
So there is an expectation for Americans regarding the way that budgets are managed more wisely without going into debt until the economy as a collective whole can comprehend how to and the economy’s monetary health or possible sickness in regard to real money instead of erroneous reflected in dollars.
A budget diet isn’t such a bad idea for most Americans look to our economy leaders and see that as a whole they have accumulated in excess of 12 trillion in debt. Individually speaking most people have not completely figured out how to cut back properly and it shows with how they manage their expenses.
If needed pulling back the reins on your spending habits might be beneficial don’t you think? Actually a budget might not be the worst thing to because the overall goal here is to get out of debt and have debt free living going forward in your life. If you want to know the easiest ways to cut back are to stop getting that cup of java or stopping at McDonald’s on the way to work, stop picking up those movies on that impulse buy and please instead of leasing or buying another car drive the one that you have now atleast for another few years. You know everyone is not a billioinaire with money flowing because most Americans have to work hard for those spendy toys that they have. You have to figure out what your basic spending needs then all the true debt acquired such as car payments, credit cards or can be paid down and eventually paid off because all of the frivolous spending has been cut out and those miscellaneous debts can be paid off.
You never know? We as a society could quite possibly be role models to the government in regard to the spending habits and balancing debt.
