Total mortgage debt - $13.6 trillion ($9.9 trillion residential)
Total credit card debt - $924 billion
Total auto loan debt - $1.0 trillion
Total student loan debt - $1.3 trillion
Other consumer debt - $300 billion
The article puts all the numbers into proper perspective but just reading the nembers is pretty scary. In addition, The Wall Street Journal had an op-ed in last Thursday's paper that throws a few more scary numbers out there:
40% of American households live hand to mouth.
Half the households queried did not believe they could come up with $2,000 within 30 days to cover an unexpected expense. That includes almost a quarter of households making between $100,000 and $150,000.
55% of Americans either break even each month or overspend.Wooo-doggies! Doesn't anyone live within their means anymore? Throw in the US debt and the numbers just become ridiculous. ($18,783,493,000,000 when I checked) If you click on the link you'll see how fast the debt is accumulating and if the interest rates ever go up, there's no way the government will be able to service all that debt.
I don't know why I read this kind of stuff. I know it's all going to come crashing down one of these days. It's just a matter of time. And when it does, we're all going to be in big trouble. Just so I don't sound too pessimistic, let me close on a happy note: If you have no debt and you also have ten dollars in your pocket, that gives you a greater net worth than about 25 percent of all Americans.