TRUE STORIES | Why Americans Are Drowning In Debt
On August 24, President Biden announced the cancellation of $10,000 in federal student loan debt for most borrowers. But student loan accounts for less than 10% of household debt in America, which reached $16.15 trillion during the second quarter of 2022. And debt is likely to grow even further due to soaring inflation. 43% of Americans are expected to add even more debt within the next six months. So why are so many Americans in debt today and what impact does it have on the U.S. economy?
Policy plays a vital role in keeping household debt in check. Experts say outdated procedures such as wage garnishment, in which an individual's earnings are withheld for the payment of a debt, are in dire need of a policy update. A survey found that about 7% of workers in America had their wages garnished, according to the most recent study in 2016.
The government can also play a potential role in reducing certain kinds of borrowings, such as medical debt that is currently held by roughly 23 million Americans.
Watch the video to find out more about why household debt is rising in America.
Subscribe for Updates!!!
-
9:51
TENET Media
4 hours agoWill Biden Actually Be REPLACED? | Benny Johnson
10.2K2 -
46:09
Patriots With Grit
1 day agoInvisible Killer | Gina Paeth
10K1 -
1:58:30
vivafrei
4 hours agoViva live from Milwaukee
96.5K52 -
LIVE
Benny Johnson
5 hours agoLIVE From The RNC Convention with Don Jr., Russell Brand, GOP Chair Michael Whatley and More
9,306 watching -
1:47:19
2 MIKES LIVE
4 hours ago2 MIKES LIVE #91 DEEP DIVE MONDAY!
34.3K4 -
1:26:23
Exploring With Nug
5 hours agoMother of 4 Missing! Husband's Charges Dismissed! What now? Did he do it?
35.1K2 -
1:05:07
The Amber May Show
7 hours agoHateful Propaganda Has Deadly Consequence | Character Assassination of The Flynn Family
35.4K1 -
52:27
The Quartering
7 hours agoTrump's VP Pick Announced LIVE From The RNC!
109K64 -
10:50
Misha Petrov
1 day agoWoke Leftists OUTRAGED Over Trump Surviving Assassination Attempt
72K85 -
1:31:02
Redacted News
6 hours agoBREAKING! Stunning New Details in Trump Assassination Plot Exposed | Redacted w Clayton Morris
178K516