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 Experts say outdated procedures such as wage garnishment, in which an individual's earnings are withheld for the payment of a debt, are in dire need of a policy update.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.
Budgeting, Stress, Personal finance, debt, credit cards, overspending, recession, stocks, inflation, United States, asset balance sheet, investing basics, Recession, explainer, CNBC, business, finance stock, stock market, us news, finance news, financial news, U.S. policy, financial debt, student loan debt, medical debt, U.S. Economy, mortgage, auto loan, credit card, household debt, student loan, student loans, student loan forgiveness, student loan scams, student loan debt crisis
-
50:08
Kimberly Guilfoyle
5 hours agoSPIES, LIES, AND DEEP STATE CRIMES: CIA Spying Scandal, Plus the Swamp’s Gaza Refugee Disaster, Live with Rep Matt Gaetz and Russ Vought | Ep. 122
22.8K51 -
1:09:49
Redacted News
4 hours agoBREAKING!! What Are THEY trying to hide? | Redacted with Natali and Clayton Morris
68.4K104 -
6:53
TudorDixon
2 hours agoTudor Dixon Remarks at Trump Rally in Freeland, MI
85 -
1:01:41
TheMonicaCrowleyPodcast
1 day agoThe Biden Trainwreck Meets The Trump Train
561 -
LIVE
The Big Migâ„¢
22 hours ago"Hunter Got High" w/ Baste Records CEO, Steven Rachel
68 watching -
LIVE
Quite Frankly
5 hours ago"HAARP Attack, Underwater Comms, MH370 Update" ft Brooks Agnew & Ashton Forbes 5/2/24
875 watching -
1:11:12
TENET Media
2 hours agoLibs Have MELTDOWN As Frat Chads Save🇺🇸 From Commies, Raise $400K For Rager | LIVE With Quartering
20.6K12 -
2:05:13
Revenge of the Cis
4 hours agoEpisode 1338: Clown Pilled
25.4K7 -
1:03:30
In The Litter Box w/ Jewels & Catturd
20 hours agoO'Keefe Exposes The CIA | In the Litter Box w/ Jewels & Catturd - Ep. 559 - 5/2/2024
54.9K39 -
Major League Fishing
2 days agoBass Pro Tour LIVE - Stage Three - Day 1
61.6K4