10 Scary Facts about Debt

10 scary facts about debt

Halloween is just a few days away, and we couldn’t pass up the opportunity to get a little bit spooky this week. Don’t let these 10 Scary Facts about Debt become your own personal nightmare!

1. Currently, more than 40 million Americans hold student debt. The population with student loans is actually greater than the entire population of Canada, Poland, North Korea, Australia and more than 200 other countries. It’s also about four times greater than the population of Sweden.

2. The average American pays $600,000 in interest during his/her lifetime.

3. Forty-Three percent of all American families spend more than they earn each year.

4. The average age at which Americans expect to be debt free is 53 years old!

5. Seventy percent of college graduates in 2013 are graduating with debt.

6. The very last time the United States Federal government was completely debt-free was January 8, 1835. when Andrew Jackson was President.

7. If you have $10 in your pocket and no debts, you are wealthier than 25% of Americans.

8. In 2013, outstanding student loan balances reached more than $1.2 trillion, which is more than any other type of debt, except a mortgage.

9. A typical credit card purchase ends up costing 112 percent more than if cash were used.

10. Nine of 10 Americans claim credit card debt has never been a source of worry, but 47 percent would refuse to tell a friend how much they owe.

pumpkin butt

I tried to find some debt horror stories that would be worthy of campfire story telling but most of what I discovered online was more self-pitying that bone-chilling, so I guess we will end the list with a full moon dedicated to debt instead :)

You can also find this post on the Financially Savvy Saturday Link Up–along with some other great financial reads!


Do you have a debt horror story? Please share it with us in the comments!

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♥ Brittany

1. http://www.forbes.com/sites/timworstall/2011/12/14/six-waltons-have-more-wealth-than-the-bottom-30-of-americans/
2. http://www.huffingtonpost.com/kyle-mccarthy/10-fun-facts-about-student-loan-debt_b_4639044.html
3. http://www.biblemoneymatters.com/being-normal-costs-an-average-of-600000-over-a-lifetime-heres-why-we-are-fighting-back/
4. http://www.cbn.com/700club/guests/bios/Howard_Dayton060506.aspx
5. http://www.creditcards.com/credit-card-news/credit-card-industry-facts-personal-debt-statistics-1276.php
6. http://www.fidelity.com/inside-fidelity/individual-investing/college-grads-surprised-by-student-debt-level-exceeds-35000
7. http://www.npr.org/blogs/money/2011/04/15/135423586/when-the-u-s-paid-off-the-entire-national-debt-and-why-it-didnt-last
8. http://www.brookings.edu/research/papers/2014/05/student-loan-debt-rising-gale-harris
9. http://thecoachnate.com/get-rid-of-the-broke-folks-in-your-life/
10. http://www.fiero.nl/cgi-bin/fiero/showThread.cgi?forum=Archive-000003&thread=20090907-6-053971&style=printable

12 thoughts on “10 Scary Facts about Debt

    1. Brittany Post author

      Thanks for stopping by :) Doing the blog together makes the whole “getting out of debt” bust a little easier to bear. Plus it gives us an excuse to constantly talk to each other now that we live across the country from each other!

      Brit & Sam

    1. Brittany Post author

      I’m glad you liked it–my fiance (aka my personal proof reader) thought it was too cheesy, but I just couldn’t pass it up. That fact about $600,000 of interest alone is worthy of the dripping and oozing :)

    1. Brittany Post author

      It’s crazy to think that if take out loans to go to college so that you can get a “good job,” it’s highly likely that you’re net worth is less than someone who works minimum wage but has no debt. It’s just a perspective I wouldn’t have considered before reading that.

    1. Brittany Post author

      I know! You would think no one would stand for that but interest is tricky because it just creeps up and up until one day–BAM! Reminds me of what all those beers did to my body in college… :/


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