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.
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!
Sources: 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