Not only is the United States government struggling with high debts. Citizens are also throwing dirt on the mountain of debt. This can become costly with rising interest rates.
Why is this important?US household debt is rising, while savings are falling. Citizens will need to be creative in planning their finances.
In the news: The outstanding amount of credit cards and the percentage saved are inversely proportional. The US government itself came up against it last week debt ceilingbut the whole nation has a debt problem.
- During the COVID shutdowns, the savings rate for U.S. citizens rose from a meager 10% to nearly 35%. Americans had nowhere to spend their money and uncertainty about the future meant much was spared. here
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